Economist and market commentator Peter Schiff said Wednesday that the U.S. is already the world’s Bitcoin (CRYPTO: BTC) “capital,” making Americans the most vulnerable during an inevitable market crash.
Schiff Spells Doom For US Crypto Investors
In an X post, Schiff weighed in on President Donald Trump’s commitment to make the U.S. the “world leader” in cryptocurrency.
“Unfortunately, we already are. That means the U.S. economy will be hit the hardest by the bursting of the crypto bubble,” the perennial Bitcoin critic argued.
Schiff added that “Americans will be the biggest losers” when this happens. “Being the Bitcoin capital comes with a heavy cost,” he stated.
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Crypto Speculators Switching Toward Gold, Silver?
Schiff is not new to making doom predictions about Bitcoin and other cryptocurrencies. Earlier this week, he said that cryptocurrency investors are “throwing in the towel” and moving toward precious metals such as gold and silver.
He recently described Bitcoin’s price hitting $100,000 as an “extraordinary chance” that may not repeat and urged Bitcoin owners to sell while the price is still high. He reiterated the “advice” on Wednesday.
The State Of Crypto Market
His remarks come as the broader cryptocurrency market enters a consolidation phase after a period of sharp volatility during which Bitcoin tumbled below $100,000.
Morgan Stanley strategist Denny Galindo said Bitcoin has entered its “fall season” — a time to secure profits before winter. Other analysts viewed the apex cryptocurrency’s ongoing sideways movement as a “healthy consolidation phase.”
Price Action: At the time of writing, BTC was exchanging hands at $102,078.28, down 0.8% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
