u.today
Renowned Bitcoin critic and gold bug Peter Schiff has once again voiced his skepticism over Bitcoin, despite its recent price rally past $66,000.
Schiff, known for his bearish stance on Bitcoin, dismissed the recent price surge: "Gold is up another $8 now, trading at a new record high just shy of $2,480. Just as gold started to move higher, Bitcoin started to move lower."
Gold is up another $8 now, trading at a new record high just shy of$2,480. Just as gold started to move higher Bitcoin started to move lower. It really seems that Bitcoin has developed a strong negative correlation to gold. That means for #Bitcoin to succeed #gold must fail.
— Peter Schiff (@PeterSchiff) July 17, 2024
Schiff, comparing the performance of Bitcoin and gold, claimed that the two assets have a strong negative correlation. "It really seems that Bitcoin has developed a strong negative correlation to gold. That means for Bitcoin to succeed, gold must fail," Schiff added.
Schiff's comments come at a time when Bitcoin's next price movements are closely watched following its spectacular rise since the weekend.
BTC briefly rose above $66,000 earlier in today's session, reaching highs of $66,139 following five consecutive days of gains. Bitcoin subsequently dipped near $64,000, still up 1.32% in the last 24 hours ago to stand at $64,688 at press time.
Bitcoin benefiting from bullish sentiment
The crypto market seems to be catching up as it puts behind it the supply overhang caused by German government sales.
Bitcoin appears to be benefiting from increased bullish sentiment as traders anticipate less selling pressure in the long run as Mt. Gox reimbursements to creditors begin.
Bitcoin ETFs also extended their seven-day winning streak on Tuesday, attracting $422.5 million in inflows, the highest single-day total since June 5. Bitcoin ETFs have raised more than $1 billion in the last three days, indicating an increase in confidence in Bitcoin's price prospects.
The recent price surge past $66,000 has reignited optimism in the crypto community, who view it as a signal for further potential growth. However, Schiff's criticism might be a reminder that not everyone is convinced by Bitcoin's recent price increase.