The price of gold breaking above the psychologically important level of $1,600 emboldened Peter Schiff, the CEO of Euro Pacific Capital, to tweet more about Bitcoin.
This time around, he takes aim at America's top business channel CNBC for allowing biased guests to tout Bitcoin while ignoring gold's recently rally.
CNBC is ignoring the rise in the price of gold and pumping Bitcoin instead. @CNBCFastMoney in particular continuously allows biased guests to tout Bitcoin. However unlike when they had me on to discuss gold, these ridiculous, completely self-serving comments go unchallenged.— Peter Schiff (@PeterSchiff) February 19, 2020
Mark Yusko predicts a Bitcoin boom
The guest that Schiff is referring to is Mark Yusko, the CEO of Morgan Creek Capital. During the most recent "Fast Money" episode, he laid out his bullish case for Bitcoin, claiming the price of the orange coin could potentially triple this year due to growing adoption, the May halving and falling interest rates around the globe.
"We see a lot of upward momentum through the mid-half this year, and in the second half, you probably get to see a lot of the chasing that we saw back in 17. "
Yusko compared the current stock market rally to what is going to happen to Bitcoin in the second half of 2020.
Focusing on the bigger picture
The price of Bitcoin nosedived by almost seven percent to as low as $9,310 at about 21:45 UTC on Feb. 19. This was a major victory for the bears since it came just one day after the top cryptocurrency printed a rare golden cross on its daily chart that was treated as a harbinger of another glorious rally.
However, Yusko says that he doesn't even pay attention to what Bitcoin is doing minute by minute or day by day.
"I just look at it over long periods of time."