Again, Schiff Says Midterms Were Bitcoin's 'Final Pin'

Gold advocate and longtime bitcoin critic Peter Schiff says the US midterms gave the bitcoin bubble its “final pin.” With the AI trade still deflating at the center of market attention, he told investors on Thursday to sell right away.

Bitcoin, unlike AI, has no underlying value, Schiff maintained. His warning arrived as bitcoin gave back the ground it had gained after the election, with Democrats winning both chambers of Congress on Tuesday.

Why Schiff Ties BTC to Trump

While all the attention is focused on the deflating AI bubble, no one is talking about the Bitcoin bubble. The biggest difference between the two is that while AI has actual value, Bitcoin has none. The midterms supplied the final pin. Sell now before the air comes gushing out.

— Peter Schiff (@PeterSchiff) November 5, 2026

In a separate reply, Schiff referred to Donald Trump as “the Bitcoin president.” Any setback for Trump, in his telling, would be a setback for bitcoin too.

He also contended that Republicans side with bitcoin and Democrats do not. Democrats, he said, would be even more expensive for whales to win over than Republicans had been.

The timing made his warning about a bitcoin bubble feel more pointed. BTC rose above $80,800 after Tuesday’s vote, only for the election-fueled rally to unwind within a day.

By Thursday, the price was slipping to about $75,500 as tech names sold off.

Does the Warning About Bitcoin Miss the AI Selloff?

Not everyone buys Schiff’s division by party. One user responded that both parties are hostile to data centers, making it harder to attribute the AI slump to politics.

Chipmakers indeed led Thursday’s $2 trillion rout in stocks. Investors were worried that Democratic governors newly elected in Texas, Georgia, and Ohio would press pause on data-center construction. Bitcoin fell in line with other risky assets.

At the same time, US spot bitcoin ETFs drew $74.6 million in fresh net inflows the day after the election, a sign that some institutions were buying the dip.

Schiff has forecast a bitcoin collapse for more than a decade, a record that Binance founder CZ mocked in October. In February, he warned that BTC might fall to $20,000 if support near $50,000 broke. The current price remains far above that level.

For now, the debate over the bitcoin bubble moves to Washington. Elizabeth Warren, one of crypto’s fiercest opponents, is scheduled to chair Senate Banking in January. A Democratic Congress takes office that month, and its agenda will put Schiff’s political reading to the test.