Bitcoin could drop to $20,000 if Nasdaq declines

Peter Schiff warned that Bitcoin could drop to $20,000 if the Nasdaq enters a bear market. He noted that past declines in the Nasdaq have been significant, with drops of up to 80% during previous market crashes. Currently, the Nasdaq is down 12%. Schiff predicts that if it falls 40%, Bitcoin could also see a sharp decline. He highlighted the correlation between Bitcoin and tech stocks as a major risk factor. While Bitcoin has seen gains this year, Schiff believes a stock market crash could lead to mass sell-offs, further pressuring Bitcoin's price. He also noted that gold has risen as the Nasdaq has fallen, suggesting a shift in market dynamics.