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Peter Schiff Gloats Over Bitcoin Sharp Decline, Praises Recent Gold Rise

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Sat, 22/05/2021 - 10:33
Peter Schiff Gloats Over Bitcoin Sharp Decline, Praises Recent Gold Rise
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CEO of Euro Pacific Capital and a prominent Bitcoin opponent, Peter Schiff, has taken to Twitter to gloat over the recent Bitcoin plunge and reminding the community that his iconic asset – gold – has been up and reached a 20-week high.

Bitcoin dumps despite “non-stop media pumping” BTC

The global flagship cryptocurrency has seen several major declines over the past month. The first was when Bitcoin dropped to the $47,826 level from the $64,863 all-time high on April 14.

Then it dropped to the $42,000 level from $50,000 and after that plummeted towards $30,000 twice recently. The reasons for these dumps were anti-Bitcoin tweets of Elon Musk, in which he announced that Tesla would stop accepting it for car purchases due to it using fossil fuel-based energy, and issues with crypto in China.

First, major Chinese associations related to the local central bank, prohibited financial institutions to deal with cryptocurrency-related businesses and the second blow to the Bitcoin price was the crackdown on BTC mining in China.

Bitcoin has been constantly discussed on CNBC with a positive focus recently. Still, Peter Schiff has pointed out that this “CNBC pump” has not saved Bitcoin from the sharp price fall.

Related
Bitcoin Bull Michael Saylor Hits 1 Million Twitter Followers, Dwarfing Peter Schiff

Gold is on the rise, Schiff is triumphant

Peter Schiff prefers gold over Bitcoin and he has not missed a chance to mentioned that while Bitcoin has been down 40 percent, XAU has closed a 20-week high at $1,880 per ounce without any support from the mainstream media.

He has also pointed out that this has not been covered by CNBC, nor has it covered the Bitcoin decline.

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Image via Twitter

As reported by U.Today earlier, JP Morgan analysts believe that institutional investors may be losing interest in Bitcoin and moving their funds from BTC into gold.

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