‘I don’t really know what’s holding it up’: Peter Schiff shocked by Bitcoin performance — how to take advantage

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When U.S. Treasury Secretary Scott Bessent announced plans to roughly double the Treasury's existing bond buyback operations, both gold and Bitcoin rallied (1) amid concerns about potential currency debasement.

But only one of those assets ended up keeping its gains, and that surprised Peter Schiff, the famed investor known best for predicting the housing crisis and for regularly predicting further economic collapse due to loose monetary policy and excessive government spending.

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Schiff expressed his surprise (2) on The Wolf of All Streets podcast, explaining that Bitcoin had been trading around $60,000 before Bessent's comments, after which it shot up to around $85,000. Gold, on the other hand, peaked around $5,600 (3) in January before falling back to just above $4,000. After Bessent's comments, gold rose to roughly $4,600 to $4,700 (4), then gave back those gains and returned to near $4,000 (5).

"Bitcoin hasn't given up those gains, which has surprised me a bit, because I expected Bitcoin to go down," Schiff said on the podcast. "So I don't really know what's holding it up."

However, while Bitcoin has held steady, Schiff is not optimistic about that trend continuing, as he went on to say, "I do expect it to go down. I do expect it to make new lows. I just would have thought it would have happened already."