Europac’s chief economist and known gold proponent Peter Schiff compared the gold and bitcoin rallies, explaining that the latest gold price pullback allowed bitcoin prices to pump. Nonetheless, Schiff believes that bitcoin will collapse spectacularly while gold prices will continue to rally.
Peter Schiff Predicts Bitcoin’s Swan Song
Peter Schiff, chief economist at Europac, has given his take on the recent gold and bitcoin market movements. According to Schiff, the pullback that gold prices are experiencing after reaching all-time high levels last week opened a window for bitcoin prices to increase in tandem.
Stating he was admittedly bashing bitcoin, Schiff declared:
This could be Bitcoin’s swan song. The speculative frenzy around spot Bitcoin ETFs will end soon. Bitcoin’s collapse will be more spectacular than its rally.
He also criticized CNBC reports on the market movements calling bitcoin “digital gold” as other cryptocurrencies rallied as part of a marketwide pump. “Are all those tokens digital versions of gold too? In reality, none are digital gold, just modern-day digital versions of fools’ gold,” he concluded.
Schiff contrasted bitcoin market movements with those of gold, saying the gold rally was real. In a subsequent post on X, Schiff stressed that the pullback of gold to $2000-level prices derived from natural profit-taking and speculative shorts entering the market.
He explained:
The rally likely caused some speculative longs to exit and shorts to enter. But I’m sure the shorts will cover on this pullback and the real buyers who drove the price above $2K will push gold to new highs.
According to his thesis, gold prices are rising due to the upcoming crash of the dollar and the U.S. economy. These elements drive world powers to ramp up gold purchases as the “most viable alternative” to the U.S. currency.
What do you think about Peter Schiff’s opinion on the latest bitcoin price rally? Tell us in the comments section below.
