Yahoo Crypto Market • October 11th 2026, 6:36 PM
Peter Schiff Surprised by Bitcoin's Resilience Despite Gold's Losses
Key Summary
Peter Schiff, a well-known gold advocate, expressed surprise that Bitcoin has held onto its gains despite gold losing value. Despite this, Schiff still expects Bitcoin to test new lows as the tech-led stock rally stalls. He also warned that the upcoming midterm elections could turn Washington against Bitcoin, leading to increased regulation.
Please see our real time news feed on our Home Page
Introduction
Peter Schiff, a prominent gold advocate, recently expressed his surprise at Bitcoin's ability to hold onto its gains despite gold's recent losses.Bitcoin's Resilience
Schiff noted that Bitcoin was trading at around $60,000 before the Treasury announced its plan to double its long-dated bond buybacks to at least $4 billion per operation. Since then, Bitcoin's price has surged to nearly $85,000.Gold's Losses
On the other hand, gold shot up to around $4,700 after the same announcement but has since cooled off to around $4,000.Schiff's Expectations
Schiff still expects Bitcoin to make new lows, but he was surprised that it has held onto its gains so far. He attributed this to the fact that Bitcoin is riding the same technology rally that has boosted many large-cap stocks.Midterm Elections
Schiff also warned that the upcoming midterm elections could have an impact on Bitcoin. He claimed that Republicans have made Bitcoin a partisan issue, while Democrats see it as a source of funding and votes for their opponents.Conclusion
In conclusion, Peter Schiff's comments on Bitcoin's resilience and his expectations for its future price action highlight the complexities and uncertainties of the cryptocurrency market.#Bitcoin#Gold#US#Cryptocurrency#SEC