Schiff Calls Bitcoin's Surge to $72K a 'False Signal Wave', Triggered by Treasury Department's Actions
Peter Schiff, a long-time gold advocate and Bitcoin critic, dismissed its recent surge past $72,000 as a "false breakout" or "head fake" triggered by a U.S. Treasury announcement. According to Schiff, the Treasury's move to double its bond buyback operation to $4 billion, aimed at boosting liquidity and indirectly lowering yields, caught markets off guard and propelled Bitcoin from below $65,000 to over $71,000, ending a period of price stagnation.
Schiff argued that while Bitcoin investors correctly anticipate loose monetary policy as a catalyst for assets like gold and Bitcoin, they are only "half right." He advised selling Bitcoin and buying gold instead, favoring the precious metal over its digital counterpart. He further suggested the Treasury's action has been ineffective, as bond yields have resumed rising, predicting that much larger buybacks and an official Federal Reserve quantitative easing program will be necessary.
Although Schiff links such monetary measures to a sharp rise in gold prices, he notes the same conditions could continue fueling Bitcoin's price appreciation if investors persist in viewing it as a meaningful scarce asset and store of value, similar to gold's historical role.
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