U.Today – Renowned gold bug and critic Peter Schiff has once again expressed his skepticism about Bitcoin, despite its recent price rally above $66,000.
Schiff, known for his bearish stance on Bitcoin, dismissed the recent price surge: “Gold is up another $8 now, trading at a new record just below $2,480. Just as gold started to rise, Bitcoin started to fall.”
Schiff, comparing the performance of Bitcoin and gold, stated that the two assets have a strong negative correlation. “It really does look like Bitcoin has developed a strong negative correlation with gold. That means that for Bitcoin to succeed, gold must fail,” Schiff added.
Schiff's comments come at a time when Bitcoin's next price moves are being closely watched following its spectacular rise since the weekend.
BTC briefly surpassed $66,000 in today's session and hit highs of $66,139 after five consecutive days of gains. Bitcoin subsequently fell back to around $64,000, though it is still up 1.32% over the past 24 hours and stands at $64,688 at the time of writing.
Bitcoin benefits from bullish sentiment
The cryptocurrency market appears to be regaining ground, leaving behind the oversupply caused by the German government's sales.
Bitcoin appears to be benefiting from increased bullish sentiment as traders anticipate less long-term selling pressure as Mt. Gox repayments to creditors begin.
Bitcoin ETFs also extended their seven-day winning streak on Tuesday, attracting $422.5 million in inflows, the highest single-day total since June 5. Bitcoin ETFs have raised more than $1 billion over the past three days, indicating increasing confidence in Bitcoin’s price outlook.
The recent price surge above $66,000 has rekindled optimism in the cryptocurrency community, which sees it as a sign of further potential growth. However, Schiff's criticism could be a reminder that not everyone is convinced by Bitcoin's recent price surge.
This article was originally published on U.Today
