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Gold bug and economist Peter Schiff has poured cold water on Bitcoin's price jump, issuing a comment on X in this vein.
Bitcoin (BTC), the largest cryptocurrency by market cap, surpassed $72,000 for the first time since mid-March as its halving event approached. The halving event, which reduces BTC mining rewards from 6.25 BTC to 3.125 BTC, is slated for April 20.
As Bitcoin's price experiences a notable jump, the crypto community is abuzz with excitement and speculation.
However, Schiff has poured cold water on the BTC price rally, which he refers to as an overnight pump following the gold bounce to new record highs. He also claimed that the recent Bitcoin gain was caused by speculation, with ETF investors "buying the gap up."
Schiff, known for his outspoken criticism of Bitcoin and preference for traditional assets like gold, has long been a vocal critic of the leading cryptocurrency and, hence, his recent statement on the BTC price jump comes as no surprise.
Tomiwabold OlajideTaking aim at Bitcoin buyers, Schiff wrote, "Get ready for the dump," warning of a price decline following the BTC surge.
Despite Schiff's "supposed" warning, many cryptocurrency supporters remain optimistic about the market's long-term potential.
Ripple CEO Brad Garlinghouse predicts the total value of the cryptocurrency market to double this year, citing the launch of the first U.S. spot Bitcoin exchange-traded fund and the imminent bitcoin "halving."
Garlinghouse believes that positive regulatory momentum in the United States might also drive the crypto market to new highs. Bitcoin has increased by more than 140% in the last 12 months. On March 14, it reached a record high of $73,835 on Coinbase.
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