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Bitcoin’s surge above $72,000, once again attracting investor attention, hasn’t convinced renowned $BTC critic and gold advocate Peter Schiff. Schiff argues that the recent rise isn’t the beginning of a sustained uptrend and urged investors to sell Bitcoin and buy gold.
Economist Schiff, known for his long-standing criticism of $BTC, stated in a post on his X account today that Bitcoin’s rise above $72,000 was “not a breakout, but a fake move.”
Schiff attributed the sudden rise in $BTC price to the US Treasury Department’s surprising bond buyback announcement. He stated that the Treasury’s move reinforced expectations of easing financial conditions, creating short-term optimism in the cryptocurrency market.
“Bitcoin’s rise above $72,000 is not a breakout, but a false start. The Treasury’s buyback announcement caught the markets off guard,” said Schiff, adding that Bitcoin investors have long believed that looser monetary policies would boost both gold and Bitcoin.
Schiff: “Easy Money Benefits Gold, Not Bitcoin”
According to Schiff, this expectation among investors is only partially true. While acknowledging that looser financial conditions and increased liquidity could support gold prices, Schiff argued that the same effect would not be permanent on Bitcoin.
Schiff stated in his post, “$BTC investors have long believed that a return to easy money policies would be the catalyst for both gold and Bitcoin to rise. They are only half right. Buy Bitcoin, buy gold.”
*This is not investment advice.