Elon Musk

Dogecoin

Bitcoin

Peter Schiff is not done warning markets. The economist who called the 2008 financial crisis posted <a href="https://x.com/PeterSchiff/status/2082108406983266424" rel="noopener noreferrer nofollow">on X</a> that the current tech selloff is a preview of something larger, and that Bitcoin will take a harder hit than most investors are <a href="https://www.thestreet.com/crypto/markets/cathie-woods-ark-invest-predicts-more-shutdowns-and-bankruptcies" rel="noopener noreferrer nofollow">currently pricing</a> in.
<blockquote>
 "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 tech stocks were already under pressure.
</blockquote>
<h2 id="the-broader-market-is-next">The broader market is next</h2>
Schiff's immediate concern wasn't Bitcoin, it was the stock market's <a href="https://www.thestreet.com/crypto/markets/430-million-in-ethereum-just-moved-heres-why-market-is-paying-attention" rel="noopener noreferrer nofollow">failure to fully</a> react to what's happening in tech.
Despite significant carnage in technology names, the Dow Jones was up over 400 points on the day. Schiff read that as a lag, not a signal of resilience.
<a href="https://www.thestreet.com/crypto/markets/if-you-had-invested-1000-in-gold-instead-of-bitcoin-five-years-ago-here-is-what-each-is-worth-today" rel="noopener noreferrer nofollow">Related: If you had invested $1,000 in gold instead of Bitcoin five years ago, here is what each is worth today</a>
He predicted that the correction would spread beyond the sector that has already started cracking.
His view is that the broader indices are simply behind the curve, and <a href="https://www.thestreet.com/crypto/markets/ripples-xrp-could-hit-100-trillion-if-this-happens-says-analyst" rel="noopener noreferrer nofollow">that when the</a> correction catches up, it will hit across categories rather than staying contained to high-multiple technology names.
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/elon-musk-warns-america-will-1000-go-bankrupt-and-fail-as-a-country" rel="noopener noreferrer nofollow">Elon Musk warns America will 1,000% go bankrupt and fail as a country</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/robinhoods-latest-earnings-beat-wall-street-estimates" rel="noopener noreferrer nofollow">Robinhood's latest earnings beat Wall Street estimates</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/mark-zuckerbergs-grand-ai-vision-hits-a-brutal-reality-check" rel="noopener noreferrer nofollow">Mark Zuckerberg's 'superintelligence' is colliding with his own track record</a></li>
</ul>
<h2 id="bitcoin-gets-the-biggest-hit">Bitcoin gets the biggest hit</h2>
For Bitcoin specifically, Schiff's expectation is a selloff that exceeds what the market is currently anticipating.
His reasoning follows a pattern he has maintained consistently, that <a href="https://www.thestreet.com/crypto/markets/musk-says-humans-lose-control-of-ai-by-2036-bitcoin-may-be-the-only-money-ready-for-that-world" rel="noopener noreferrer nofollow">Bitcoin is a risk</a> asset that trades with market sentiment rather than against it, and that when genuine fear spreads across equities, crypto tends to amplify the move rather than provide shelter.
Schiff made a rare personal admission last week that he<a href="https://www.thestreet.com/crypto/markets/peter-schiff-finally-admits-one-bitcoin-regret-but-says-a-bigger-one-is-coming" rel="noopener noreferrer nofollow"> regrets not buying Bitcoin</a> when he first learned about it, before immediately predicting that holders would soon regret not selling above $60,000.
He has also drawn a sharp line between gold's current pullback, which he calls a buying opportunity, and Bitcoin's decline, which he has repeatedly described as a bubble deflating.
Bitcoin was trading near $62,852 at the time of his post. Whether the "much bigger selloff" Schiff is predicting materializes will depend on whether his <a href="https://www.thestreet.com/crypto/markets/economist-predicted-2008-crash-warns-bitcoin-zero" rel="noopener noreferrer nofollow">broader market</a> correction thesis plays out in the weeks ahead.
<a href="https://www.thestreet.com/crypto/markets/elon-musk-is-putting-dogecoin-on-the-moon-in-49-days" rel="noopener noreferrer nofollow">Related: Elon Musk is putting Dogecoin on the moon in 49 days, here is what history says happens next</a>

Economist who predicted 2008 crypto crash expects a much bigger selloff in Bitcoin

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