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Schiff calls Bitcoin’s six-month high in one word

Posted on by L. Dreeye
Schiff calls Bitcoin’s six-month high in one word

Schiff calls Bitcoin's six-month high in one word
Cover image via U.Today

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The price of the main cryptocurrency Bitcoin (BTC) hit a new six-month high this morning and is currently trading at $69,519.52, according to a Binance chart.

After a long decline since March, when BTC reached its current high, a dynamic resistance line was broken just five days ago, causing the price of the major cryptocurrency to fall more than 5.4% over the next five days. Bitcoin has never been closer to a new high in many months than at this moment.

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Impressive? Yes, but not to Peter Schiff. A well-known financial expert, banker and cryptocurrency critic eloquently called this event “senseless.” According to Schiff, this makes no sense, unlike gold, of which the banker is a strong supporter, which is currently at a new high of $2,740 an ounce.

According to a banker whose Euro Pacific Bank was frozen by the Puerto Rican government, the fact that gold’s rise to new heights is being completely ignored by the mainstream media, unlike Bitcoin’s price action, is unfair, to say the least.

Gold vs Bitcoin

According to Schiff, reporters are either too ignorant of economics and finance to understand the significance of the rise in gold prices, or it is a “deliberate” attempt to hide the significance from the public.

Article image
Source: TradingView

Interestingly, while Peter Schiff once again extols the superiority of gold over major cryptocurrencies, another prominent figure in financial circles, Peter Brandt, predicts that BTC will rise over 400% against gold.

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However, according to the trader, this does not mean that gold will fall, but on the contrary, it also shows that in addition to being long Bitcoin, he is also long precious metals futures.