Peter Schiff, chief economist at Euro Pacific Asset Management, posted on X today, November 4, 2026, that the Bitcoin rally is "the most irrational" reaction to the Democratic landslide in the recent U.S. elections. He stated, "Of all the market reactions to the Democratic landslide, the Bitcoin rally is the most irrational. A Democratic Congress will take a hostile stance against crypto, which will get worse in 2028 when they have the White House and all the Bitcoin in the Strategic Reserve gets sold."
Bitcoin is currently trading at $80,278, marking a 3.4% increase over the past 24 hours. This rally occurs amidst a broader market reaction to the election results, which saw stock markets generally higher. Recent Gokhshtein Media coverage noted Bitcoin ETF outflows slowing to $115 million as the price held around $78,000, while short-term holder profit fell to 38% after Bitcoin tested support levels. The Crypto Fear & Greed Index currently sits at 34, indicating "Fear."
Schiff's view implies that the current market optimism for Bitcoin is misplaced, anticipating a significantly tougher regulatory environment under Democratic control. He suggests that a fully Democratic government, potentially including the White House in 2028, would lead to aggressive anti-crypto policies, culminating in the sale of any Bitcoin held in the Strategic Reserve. This perspective suggests that investors should consider the long-term policy risks associated with the political shift.
