Peter Schiff Predicts Bitcoin Will Extend Its November Decline In December

TLDR

• Bitcoin dropped 17% in November 2025, its worst November in seven years
• BTC is now down about 4% year-to-date after reaching $126,000 in October
• Schiff claims gold is up 60% and silver up 95% YTD without corporate buying
• Historically, Bitcoin sees red Decembers after red Novembers

Bitcoin closed November with a 17% decline, marking its second-worst November on record. Economist Peter Schiff believes the cryptocurrency’s fall will continue into December, even as other assets rally and macroeconomic factors turn favorable.

Bitcoin had earlier reached a record high of nearly $126,000 in October but has since pulled back sharply. At the time of writing, it trades at approximately $90,500, with year-to-date losses around 4%. Schiff argues that the asset has failed to deliver its promised value as a store of wealth.

Bitcoin Closes November With Heavy Losses

November is usually one of Bitcoin’s strongest months, with an average historical return of over 40%. However, this year, BTC fell by 17.5%, according to data from CoinGlass. This drop erased the cryptocurrency’s earlier gains for 2025, placing it in the red for the year.

Schiff pointed out the contrast with silver, which rose 16.5% in November and is up 95% for the year. He said, “Bitcoin is now the mirror image of silver. Since silver will likely go much higher, that means its mirror image will likely crash.”

Gold and silver have both posted strong gains without any major corporate buying, unlike Bitcoin, which has seen large purchases from companies like MicroStrategy.

Corporate Buying Adds Risk, Schiff Says

Peter Schiff also raised concerns about Bitcoin being used as a treasury reserve asset by public companies. He criticized the model used by firms such as MicroStrategy, stating they rely heavily on debt and equity issuance to buy more BTC.

He explained that if the company’s stock falls below the value of its Bitcoin holdings, the structure may break. “The moment the stock trades below the value of its Bitcoin holdings, the entire yield loop breaks,” Schiff warned. He added that this could force companies to sell BTC during market stress, worsening any decline.

Historical Data Suggests a Red December

Historical trends show that whenever Bitcoin closes November in the red, December often follows with losses. This pattern was seen in 2018, 2019, 2021, and 2022. Schiff referenced this pattern as another reason for his bearish outlook.

Despite Schiff’s view, others in the crypto space remain optimistic. Arthur Hayes, co-founder of BitMEX, said the bottom may already be in, and BTC is likely to hold above $80,000. However, market data does not yet reflect that sentiment as downward pressure continues.

Macroeconomic Factors Could Shift Trend

There are some developments that could help Bitcoin regain upward momentum. Analysts expect the U.S. Federal Reserve to cut interest rates in December, with odds of a 25-basis-point cut at 85%. The central bank is also expected to end its quantitative tightening program.

Cathie Wood of Ark Invest said the current liquidity squeeze may ease next month, possibly lifting crypto and other risk assets. However, so far, these factors have not supported a BTC recovery.

Bitcoin’s market cap remains around $1.8 trillion, with a 24-hour trading volume up over 16%, suggesting strong activity. But the downward price trend has made investors cautious heading into the final month of the year.

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