According to U.Today, renowned Bitcoin critic and gold advocate Peter Schiff has once again expressed 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, highlighting gold's performance. He noted, "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." Schiff emphasized a perceived strong negative correlation between Bitcoin and gold, suggesting that for Bitcoin to succeed, gold must fail.
Schiff's comments come at a time when Bitcoin's next price movements are closely watched following its significant rise since the weekend. Bitcoin briefly rose above $66,000 earlier in today's session, reaching highs of $66,139 after five consecutive days of gains. It subsequently dipped near $64,000, still up 1.32% in the last 24 hours to stand at $64,688 at press time. The crypto market appears to be catching up as it moves past the supply overhang caused by German government sales. Bitcoin seems to be benefiting from increased bullish sentiment as traders anticipate less selling pressure in the long run, especially with Mt. Gox reimbursements to creditors beginning.
Bitcoin ETFs have also extended their seven-day winning streak, attracting $422.5 million in inflows on Tuesday, the highest single-day total since June 5. Over the last three days, Bitcoin ETFs have raised more than $1 billion, indicating growing confidence in Bitcoin's price prospects. The recent price surge past $66,000 has reignited optimism within the crypto community, who view it as a signal for further potential growth. However, Schiff's criticism serves as a reminder that not everyone is convinced by Bitcoin's recent price increase.
