Peter Schiff is skeptical of Bitcoin's rally past $66,000, citing gold's record high

From Investing.com

July 17, 2024 3:00:24 pm:

Renowned critic Peter Schiff remains skeptical of Bitcoin despite its rally past $66,000. Schiff dismissed the surge, noting gold’s record high near $2,480 as Bitcoin fell. He claims Bitcoin and gold have a strong negative correlation, suggesting Bitcoin’s success means gold’s failure. BTC briefly hit $66,139 before dipping to $64,688.

Bitcoin’s rally seems to stem from bullish sentiment as traders anticipate less selling pressure due to Mt. Gox reimbursements. Bitcoin ETFs attracted $422.5 million in inflows, the most since June 5, raising over $1 billion in three days. The market’s optimism follows BTC’s surge past $66,000, hinting at potential growth.

Schiff’s criticism serves as a reminder that not everyone is swayed by Bitcoin’s recent price surge. Despite the positive sentiment and increasing confidence in Bitcoin’s price prospects, some remain doubtful of the digital asset’s long-term success amidst its ongoing price rally.

Read more at Investing.com: Peter Schiff Reacts to Bitcoin Price Surge Past $66,000 By U.Today