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Peter Schiff, a critic of Bitcoin, made another bold price prediction about the future of Bitcoin following the recent drop in gold.
Schiff, who launched a new attack on Bitcoin’s potential, predicted an even more “spectacular” crash than the recent rally of the crypto asset. While Schiff may have convinced himself that Bitcoin is being forgotten, its supporters continue to mock him.
What Did Peter Schiff Say About Bitcoin?
Schiff noted that after gold dropped below $2,100, Bitcoin experienced a fluctuation and its value rose to $41,000. However, he warned that this upward price movement could be a deception by Bitcoin and could be the beginning of a significant decline.
Schiff attributed Bitcoin’s recent surge to the speculative environment surrounding spot Bitcoin ETFs and stated that this excitement is a ready-to-burst bubble. He also mentioned that a major crash is coming for Bitcoin. While there are opinions that both gold and Bitcoin serve as a store of value, Schiff’s skepticism may stem from the speculative nature of Bitcoin.
Schiff, who constantly expresses concerns about whether Bitcoin can withstand a real financial crisis, believes that the current rise in gold is based on real value rather than rumors, making it a more reliable investment compared to leading cryptocurrencies.
Gold and Bitcoin are Rising
On December 4th, gold reached a record level of $2,100 but then lost a significant portion of its gains. The upward momentum in gold, which has been ongoing since October, reached its highest level earlier this month following dovish statements from the Federal Reserve.
Federal Reserve Chairman Jerome Powell’s claim that monetary policy has entered a “constraining zone” resulted in a sharp drop in the dollar and Treasury yields. This pushed gold to its all-time high, despite efforts to ease prevailing optimism, as expectations of a rate cut by the Federal Reserve in early 2024 increased.
In parallel, Bitcoin, the largest cryptocurrency, surpassed the $40,000 region for the first time in 2023 due to expectations of interest rate cuts in the US and investors awaiting approval of a spot Bitcoin ETF. Bitcoin is currently trading above $41,600.
