Bitcoin made a quick move higher ahead of Trump’s State of the Union address, climbing more than $2,000 in a short window. The sudden push sparked excitement across the market, but not everyone thinks it means much.
One of crypto’s most vocal critics, Peter Schiff, believes the rally may be built on little more than anticipation.
Speculation Over Substance?
According to Schiff, traders may have piled into Bitcoin expecting Trump to mention it during his speech. If that was the strategy, he’s not convinced it was a smart one.
He wrote:
“Bitcoin spiked. I wonder if Trump crypto bros managed to slip a Bitcoin reference into the SOTU address. If Bitcoin isn’t mentioned at all, I expect it to sell off. If it is mentioned, it’s still likely to sell off as Trump insiders who bought ahead of the speech sell the news.”
His argument is straightforward: whether Bitcoin gets a shoutout or not, the move could unwind. No mention could trigger disappointment. A mention could trigger profit-taking. Either way, he sees risk.
The Classic “Sell the News” Setup?
Markets often rally on expectations, and then drop once the event actually happens. Schiff suggests that this could be one of those moments. Traders positioning ahead of Trump’s speech may simply be looking for a quick exit.
He also reiterated his long-standing preference for gold over digital assets, warning that investors shouldn’t confuse Bitcoin with what he considers “real” safe havens.
What Actually Happened?
Bitcoin briefly pushed from roughly $64,000 toward $66,000 before easing back near the $65,000 zone. Despite the short-term pop, it remains down on the weekly and monthly timeframe.
As for Trump’s speech, the focus leaned heavily toward economic policy and affordability rather than crypto. There was no meaningful Bitcoin headline coming out of the address.
Now the key question is whether Bitcoin can hold current levels, or if Schiff’s “sell-the-news” scenario starts playing out in the next few sessions.
For now, the move looks more like positioning than conviction.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
