Economist and gold bug Peter Schiff expressed his opinions on the U.S. economy and bitcoin via a series of posts on social media platform X Wednesday. Commenting on the price of bitcoin dipping below $57K on Wednesday despite massive inflows into spot bitcoin exchange-traded funds (ETFs) in recent months, he wrote:
Despite all the hype around the bitcoin ETFs, bitcoin is clearly in a bear market.
He noted that BTC is “down 23% in dollars, but 33% priced in gold, with one bitcoin now worth fewer than 25 ounces,” asserting: “Turn out the lights HODLers, the party is over.”
Schiff has repeatedly criticized bitcoin following price declines. Earlier this month, he announced the end of the bitcoin “fad” as gold prices surged, labeling BTC a gigantic bubble. In addition, U.S. spot bitcoin ETFs have collectively experienced five straight days of outflows, totaling $635 million.
Moreover, the economist often voiced concerns regarding the U.S. economy. Schiff conveyed on X Wednesday:
Today’s economic data is conclusive evidence that stagflation is not just a future possibility, but already a current reality.
“April ISM tanked, as orders tumbled and prices paid soared. Meanwhile, April job openings collapsed to their lowest level in three years,” he detailed.
Earlier this month, Schiff cautioned that high inflation was resurging “with a vengeance” and that “significant” interest rate hikes are necessary. He also criticized JPMorgan Chase CEO Jamie Dimon for underestimating the challenges facing the U.S. economy. In a recent update, he declared: “It’s game over for the Fed … Despite forecasts of Fed rate cuts, long-term interest rates continue to climb. This will exacerbate the inflation issue, which is positive for gold but negative for bonds.”
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