Peter Schiff: Bitcoin's Break Above $72,000 Is a Fakeout, Recommends Selling Bitcoin to Buy Gold

Odaily News, economist and Bitcoin critic Peter Schiff stated that Bitcoin's break above $72,000 is a "fakeout" rather than a genuine breakout. After the U.S. Treasury announced it would double the size of each bond buyback to $4 billion, Bitcoin's price rose from below $65,000 to over $71,000.

Schiff believes that the Treasury's buyback program has failed to prevent U.S. Treasury yields from continuing to rise, and may require expanding the buyback scale in the future, along with the Federal Reserve initiating a formal quantitative easing program. He advises investors to sell Bitcoin and buy gold. (Bitcoin.com News)