Bitcoin dropped about 1.5% in hours after Trump skipped Bitcoin, validating Schiff’s selloff warning.
Summary
- Bitcoin climbed toward ~$66k before Trump’s State of the Union on expectations he’d mention crypto, then slid back near ~$65k after no reference.
- Schiff warned of selling pressure whether or not Trump mentioned BTC, citing “buy the rumor, sell the news” dynamics and potential insider profit-taking.
- Schiff called BTC’s multi‑year rally a bubble, saying price could eventually sink toward ~$40k despite only a modest pullback after the speech.
Gold advocate and Bitcoin (BTC) critic Peter Schiff predicted a sell-off in Bitcoin prices regardless of whether U.S. President Donald Trump mentioned the cryptocurrency in his State of the Union address, according to statements posted on social media.
Schiff stated that the recent recovery in Bitcoin stemmed from market expectations that Trump would mention the cryptocurrency in his speech. The gold advocate predicted that if the President made no mention of Bitcoin in the address, selling pressure would occur.
Schiff further stated that even if Trump mentioned Bitcoin, a decline would still be expected, arguing that expectations were already priced into the market and the speech could trigger profit-taking, leading to a price drop. The analyst suggested that individuals close to Trump who purchased Bitcoin in anticipation of the announcement might sell following any mention.
President Trump delivered his State of the Union address without directly mentioning Bitcoin, causing short-term fluctuations in the cryptocurrency market, according to market data.
The address covered topics including tariff policy, tax cuts, the response to the Iran nuclear issue, and approval of a defense budget. No mention of cryptocurrencies, including Bitcoin, was made during the speech.
Bitcoin had risen to higher levels before the speech, in line with market expectations based on Trump’s previous statements supporting cryptocurrency. Following the speech, profit-taking led to selling and the price declined, though the drop was smaller than Schiff had anticipated, according to market observers.
In a separate social media post, Schiff described Bitcoin’s multi-year price increase as a bursting bubble and stated the cryptocurrency’s price could fall significantly.
