Gold Permabull and Bitcoin critic Peter Schiff just called the top for Bitcoin price. After the recent overnight surge in Bitcoin’s price, coinciding with gold’s rally to new all-time highs, Peter Schiff has warned of an impending dump for the digital currency.
Experts from the crypto community have responded to Schiff’s warning, reminding him of all the times he has been wrong about BTC price over the years.
Willy Woo, a BTC proponent and crypto analyst, was quick to remind Schiff that the recent overnight pump was Bitcoin just finalising its consolidation process. Woo believes the asset will rise even higher and establish a clear all-time high price.
Gold experts supporting Schiff think there is much more money to be made in precious metals than in Bitcoin and cryptocurrencies.
Bitcoin and Gold Rally Simultaneously – Market Correlation Ahead
BTC price increased 5% overnight on April 7, 2024, hitting a high of $72, 756. At the same time, Gold (GOLD) performed well and surged 4.66% over three days to hit an all-time high of $2,365.
Gold has long been a safe-haven asset, and its recent rise to the ATH price further proves its enduring value in times of economic uncertainty.
Conversely, Bitcoin has also experienced a huge price increase, leading some to speculate about a correlation between the two assets. Schiff argues that BTC’s rise is not due to its merits but rather as a reactionary move to gold’s performance.
Schiff has long criticised Bitcoin, pointing out its status as a store of value and its potential for long-term investment.
Despite these criticisms, BTC has continued to prove the veteran wrong, making all-time highs after he tried to downplay its value as an investment option.
With the coming BTC halving event, Schiff may have to reiterate his warning sooner rather than later.
