Peter Schiff Calls Midterms ‘Final Pin’ for Bitcoin (BTC) Bubble

Economist Peter Schiff urged Bitcoin (BTC) holders to sell after Democratic leaders announced victories in both chambers of Congress, linking the midterm results to what he called a bubble.

In a Nov. 5 post on X, Schiff wrote: “The midterms supplied the final pin. Sell now before the air comes gushing out.” The post offered no quantitative test for a bubble and did not show that the election caused Bitcoin’s price movements.

Rep. Nancy Pelosi said Nov. 3 that Democrats had won a House majority. Senate Democratic Leader Chuck Schumer said Nov. 4 that Democrats had won the Senate, describing the majority as 54 seats, with the possibility of 55 or 56.

U.S. spot Bitcoin ETFs recorded net inflows of $74.6 million on Nov. 4, followed by net outflows of $430.2 million on Nov. 5 and $411.9 million on Nov. 6. The daily totals do not identify who traded or why.

Schiff also urged Bitcoin holders to sell in October, tying that call to inflation and control of Congress in a previous sell call.