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Peter Schiff warns bitcoin could face a deeper selloff
The warning came as the Dow Jones Industrial Average gained more than 400 points while technology stocks were under heavier pressure, and bitcoin traded near $62,852 before recovering above $64,000.
Bitcoin drew fresh downside concern after economist and longtime crypto critic Peter Schiff said the selloff spreading from technology stocks could eventually reach the broader U.S. market and weigh on bitcoin more sharply. Yahoo Finance reports Schiff wrote on X that the entire U.S. stock market is overpriced, not just tech, and he expects a much bigger bitcoin selloff.
Schiff’s latest comment arrived as the Dow Jones Industrial Average was up more than 400 points despite heavier losses across the technology sector, which he said may be temporary because broader indices have not yet taken in the same correction already moving through higher-valued tech companies.
In the hours after his post, bitcoin traded near $62,852 and later recovered above $64,000, but it was still well below earlier-cycle levels as investors assessed weaker risk appetite across both equities and digital assets, according to Yahoo Finance.
Schiff frames bitcoin as a high-beta risk asset rather than a defensive store of value, arguing that a deeper decline in equities could drain liquidity from speculative assets and leave bitcoin vulnerable to sharper selling. He previously contrasted bitcoin with gold and reiterated warnings related to bitcoin holders regretting not selling above $60,000, while pointing again to how much weakness spreads through U.S. equities.
Latest closeGold $4,098.60 ▼0.0%|Bitcoin $62,908.31 ▼2.8%|Dow Jones 52,485.03 ▲0.5%