Bitcoin Is Dependent On The US, Not A 'Non-Dollar Asset,' Peter Schiff Says

Bitcoin's BTC/USD status as a non-risk asset is on shaky grounds, according to prominent critic Peter Schiff, who noted its high interdependence with the U.S. economy.

What Happened: In a post on X on Monday, Schiff pushed back the idea of Bitcoin as a "non-dollar asset" or a hedge against the dollar, which assumes that BTC is outside U.S. influence.

In reality, according to Schiff, the U.S. is arguably the gravitational center of Bitcoin today.

Schiff stated that Bitcoin is now intertwined with the U.S. economy and government more so than with any other nation, highlighting the amount of Bitcoin-related activity in the United States.

Notably, large institutional investors, such as BlackRock and Fidelity, are American.

Public mining companies are mostly U.S.-based and listed on U.S. exchanges.

This makes Bitcoin dependent on U.S. monetary policy and the regulatory climate.

In the event of a U.S. recession or sharp market correction, Bitcoin will likely behave like other high-beta risk assets, rather than acting as a safe haven, Schiff stated.

Also Read: Bitcoin Spikes But Gold Surges: What’s Driving The Underperformance?

Why It Matters: In another post on April 16, Schiff questioned the shifting narrative of Bitcoin advocates after Donald Trump took office, accusing them of reshaping their arguments to fit the current political mood, whether it’s fear of economic collapse or bullishness on institutional adoption.

Schiff's comments come on the heels of growing claims that Bitcoin is decoupling from traditional assets and could behave more like gold in future market cycles.

Tom Lee of Fundstrat recently called Bitcoin a "non-dollar asset" poised to catch up with gold in performance, particularly after macro de-leveraging subsides.

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