Gold Bull Peter Schiff Linked Bitcoin (BTC) Rise to Trump! Then Backtracked! “It’s Going to Fall No Matter What!”

Peter Schiff, a staunch opponent of Bitcoin, claimed that a sharp sell-off would occur if US President Donald Trump did not mention Bitcoin in his speech.

He said that the recent recovery in Bitcoin stemmed from expectations that President Donald Trump would mention $BTC in his speech.

Gold advocate Schiff said, “If the President makes no mention of Bitcoin in his State of the Union address, I expect a sell-off.”

Schiff stated that he still expects a decline even if Trump mentions Bitcoin in his speech.

He argued that since expectations are already priced in, the speech could trigger profit-taking and lead to a drop in Bitcoin.

“If Bitcoin isn’t mentioned at all, I expect selling pressure.”

Even if it is mentioned, it is still likely to create selling pressure as those close to Trump who bought the news before the speech is made sell it off.

Trump Gave His Speech: Did He Mention Bitcoin?

While Schiff expected Bitcoin to fall regardless, President Donald Trump delivered his State of the Union address and did not directly mention Bitcoin. This caused short-term fluctuations in the cryptocurrency market.

In his State of the Union address, President Trump touched on issues such as tariff policy, tax cuts, the response to the Iran nuclear issue, and the approval of a $1 trillion defense budget. However, he made no mention of cryptocurrencies, including Bitcoin. Given Trump’s previous pro-crypto stance, the market was expecting a message on this topic in his speech.

In line with these expectations, Bitcoin rose to the $66,000 level before the speech. However, since $BTC was not mentioned in the speech, profit-taking led to selling, pushing the price back down to the $65,000 level. However, the drop was not as large as Schiff had anticipated.

In another post, gold bull Peter Schiff described Bitcoin’s multi-year rise as a bursting bubble, claiming its price could fall to $40,000.

*This is not investment advice.