Since February 20, the Nasdaq Composite index has seen an 11.34% decline, with Bitcoin dropping 13.52%, suggesting BTC follows stock market trends. Peter Schiff warns of potential Bitcoin crashes and highlights gold’s strength amid market downturns.
Schiff Predicts Bitcoin Crash if Nasdaq Falls
At the start of 2023, the Nasdaq composite index was at $19,401, fluctuating between $20,087.23 and $18,902.75 until February 27, when it dropped 3.46% below this range, marking an overall decline of over 11.34% since February 20.
Similarly, Bitcoin started the year at about $93,587.07, remaining in the range of $92,540.01 to $106,151.77. Despite an attempt to reach $109,568.48 on January 20, it closed at $102,294.18, before dropping again significantly on February 24, ultimately leading to a 13.52% decline since February 20.
This aligns with Schiff’s comparison of the current market to past financial crises, suggesting that if the Nasdaq drops by 20%, Bitcoin could fall to $65K and if it drops by 40%, Bitcoin might crash to $20K or lower. Currently, Bitcoin’s price stands at $83,559.98, which is 31.39% below its all-time high.
Gold Rising as Nasdaq Falls
In contrast, gold serves as a strong hedge. While the Nasdaq has declined, gold prices have risen by at least 13%. The gold spot price started at approximately $2,624.653 in 2025 and has risen by 13.86% since, with a notable increase of 1.83% since February 20. Currently, the gold price is $2,989.380, with potential to exceed $3,800 if the stock market continues to decline.
Bitcoin’s Credibility at Risk?
Schiff raises concerns about Bitcoin’s failure to establish itself as a reliable store of value or a hedge against economic uncertainty. He questions the viability of the Bitcoin Strategic Reserve proposal and warns about possible panic selling among Bitcoin ETF investors, particularly if BTC values drop sharply. This includes potential sales by prominent holders like MicroStrategy, which owns around 499,096 BTC, valued at about $41.68 billion. MicroStrategy has actively promoted crypto adoption, recommending major tech firms like Microsoft to embrace aggressive crypto investment strategies, influencing others to reconsider their stance on crypto.
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