The sharp rise of Bitcoin above $72,000, which once again captured investor attention, has not convinced the well-known $BTC critic and gold proponent Peter Schiff. Schiff argues that the recent surge does not mark the beginning of a sustainable upward trend and urges investors to sell Bitcoin and buy gold.
Economist Schiff, long known for his criticism of Bitcoin, stated in a post on his X account today that Bitcoin's rise above $72,000 was "not a breakout, but a false move."
Schiff attributed the sudden price increase of $BTC to the unexpected announcement from the U.S. Treasury Department regarding bond buybacks. He stated that this move by the Treasury strengthened expectations for easier financial conditions, creating short-term optimism in the cryptocurrency market.
"Bitcoin's climb above $72,000 is not a breakout but a false start. The Treasury's announcement of bond buybacks caught the markets off guard," said Schiff, adding that Bitcoin investors have long believed that easier monetary policy would fuel the rise of both gold and Bitcoin.
Schiff: "Easy Money Benefits Gold, Not Bitcoin"
According to Schiff, this investor expectation is only partially correct. While acknowledging that easing financial conditions and increasing liquidity can support gold prices, Schiff argues that a similar effect will not be permanent for Bitcoin.
Schiff stated in his post: "$BTC investors have long believed that a return to 'easy money' policy will be a catalyst for both gold and Bitcoin. They are only half right. Sell Bitcoin, buy gold."
*This is not investment advice.
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