Gold advocate and Bitcoin opponent economist Peter Schiff painted a rather pessimistic picture for Bitcoin ($BTC) following the US midterm elections. Schiff argued that markets have not yet fully priced in the potential impact of political developments on the cryptocurrency sector, warning that a much larger decline in Bitcoin is possible.
Speaking on The Peter Schiff Show, Schiff suggested that despite Bitcoin losing approximately 3% of its value in the past week, the real sell-off has yet to begin. According to the economist, Bitcoin continues to move in tandem with technology stocks rather than gold, which is seen as a safe haven.
Schiff noted that Bitcoin was trading at approximately $75,900 at the time of his statement, pointing out that this level was quite close to Strategy’s average Bitcoin purchase cost of $75,500-$75,600.
