Peter Schiff, a famous Bitcoin critic, has taken to Twitter to say that gold is likely to surge soon and Bitcoin"s short-term rise would be over, explaining possible reasons for it.
This is not the first time the founder of SchiffGold is promising "the end of Bitcoin" soon and naming potential or expected reasons for it.
"Bitcoin's dead cat bounce" is over soon, here's when, per Schiff
In his tweet, the prominent gold bug reminded the audience that the crude oil price has surged to the $106 level and said he expects it to hit $140 next.
Gold, according to Schiff, is likely to be the next asset to soar. As soon as it rises to $1,950 from the current $1,924 price mark and surpasses $2,000, a new all-time high will be near.
After that, Schiff believes, the dead cat bounce of the stock market and – what is more important to Peter Schiff, for Bitcoin – will be over.
#Oil has broken out as its price tops $106. It's clear sailing up to $140. #Gold is likely next. Once the price tops $1,950 I think it will blast though $2,000 to hit a new all-time record high. It also looks like the dead-cat bounce in money-losing #stocks and #Bitcoin is over!— Peter Schiff (@PeterSchiff) March 1, 2022
In late January, Schiff wrote on Twitter that he expected the flagship digital currency to face a flash crash as soon as it crosses the $30,000 level on its way down. He posted that tweet when BTC plunged to $35,000.
Bitcoin holds above $44,000 as whales accumulate 11.78 million BTC
Digital gold has been on the rise since Feb. 28, when it soared from $38,000 to above the $40,200 line and then went higher. On the same day, it reached a local high above the $44,000 level.
On March 1, Bitcoin managed to inch closer to recovering $45,000 by reaching $44,600 after a small decline.
At the moment, BTC is at the price level last seen on Feb. 15. However, Bitcoin has been going down since Nov. 10, when it reached a historic price peak of $68,789.
BTC is down 40% since that all-time high at the moment.
According to reports by Glassnode and IntoTheBlock covered by U.Today on Tuesday, investors have been accumulating Bitcoin actively as of late. In the past 30 days, BTC wallets that acquired Bitcoin over a year ago for the first time have added 4.13% to their holdings. They now own a staggering $516,369,232,000 worth of BTC.