Economist and long-time Bitcoin (CRYPTO: BTC) skeptic Peter Schiff has described the crypto king's rebound from Friday's sell-off as a "dead cat bounce."
What Happened: In a series of posts on X, Schiff criticized Bitcoin's volatility and emphasized safer, more stable assets like gold and silver, which are delivering strong returns.
Gold (NYSE:GLD) surged past $4,080, approaching new record highs, while silver traded near $51.60, both unaffected by Friday's declines.
Meanwhile, Bitcoin, which reached all-time highs during early October 2025, experienced a pullback to $115,000/
Schiff noted that the early Monday recovery is likely only a temporary rebound.
In gold terms, Bitcoin remains down roughly 25% from its August peak. On-chain activity has also slowed, with the so-called "blockchain letter" running out of chain.
Why It Matters: Schiff attributed the crypto drop to president Trump's China tariff announcement, though vice president JD Vance later framed the 100% tariff threat as "just a negotiating tactic."
Trump's comments about maintaining good relations with China's president helped stabilize market sentiment.
A trader on X suggested that Trump's allies may have reached out over the weekend, complaining about losing money on their positions.
In response, Schiff noted that Trump's allies reportedly shorted crypto on Friday before his Truth Social post, likely reversing positions before Monday's updates. Schiff concluded, "It’s good to be friends with the king."
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