Bitcoin faced a fresh downside warning Thursday after economist and longtime crypto critic Peter Schiff said the selloff spreading through technology stocks could eventually reach the broader U.S. market and hit Bitcoin even harder.
“The entire U.S. stock market is overpriced, not just tech. I also expect a much bigger selloff in Bitcoin,” Schiff wrote on X as technology names came under pressure.
His warning arrived while the Dow Jones Industrial Average was up more than 400 points despite heavier losses across the technology sector. Schiff viewed that split as temporary, arguing that broader indices had not yet absorbed the same correction already moving through higher-valued tech companies.
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Bitcoin was trading near $62,852 when the post appeared. The cryptocurrency later recovered above $64,000, but remained well below levels reached earlier in the cycle as investors continued weighing weaker risk appetite across equities and digital assets.
Schiff’s argument rests on Bitcoin behaving as a high-beta risk asset rather than a defensive store of value. Under that view, a deeper equity-market decline would pull liquidity away from speculative assets and leave Bitcoin exposed to sharper selling than traditional markets.
The economist has maintained that position through several Bitcoin cycles, repeatedly contrasting the cryptocurrency with gold. He recently acknowledged regretting that he did not buy Bitcoin when he first encountered it, but followed the admission with another warning that holders could regret failing to sell above $60,000.
Schiff has remained one of Bitcoin’s most consistent critics through multiple market cycles. His latest warning now hinges on weakness in technology stocks spreading across the broader market and creating the sustained risk-off conditions needed to drive Bitcoin lower.
Bitcoin’s recovery from the level cited in his post shows buyers remain active. Whether that support holds may now depend less on crypto-specific news and more on how far weakness travels across U.S. equities.
Bitcoin (CRYPTO: $BTC) is currently trading at $64,642 U.S. per digital token.