Financial commentator Peter Schiff has downplayed Bitcoin's most recent rally, arguing that the leading cryptocurrency is not actually "skyrocketing."
This comes after some members of the crypto community confronted Schiff about being eerily quiet following the latest BTC price surge.
Earlier this week, the price of Bitcoin managed to reclaim the $105,000 level before seeing a mild correction amid a broader sell-off in "safe haven" assets such as gold.
On Tuesday, Bitcoin bulls regained some ground, with the largest cryptocurrency spiking to an intraday high of $104,836.
The cryptocurrency is just 3.8% away from reaching a new lifetime high.
"The consequences of de-dollarization"
Notably, Bitcoin's recovery has coincided with the yield on a 10-year U.S. Treasury note surging to nearly 4.5%.
According to Schiff, this can be interpreted as a sign of eroding confidence in the U.S. dollar.
"Despite the trade truce, the world is losing confidence in the dollar and our ability to get our fiscal house in order. The consequences of de-dollarization will be profound," Schiff warned in a social media post.
Vladislav Sopov
Dan Burgin