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 move above $72,000 is a “fake breakout” rather than a real one. 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 stop U.S. Treasury yields from continuing to rise, and that the size of the buybacks may need to be expanded further, with the Federal Reserve potentially launching a formal quantitative easing program. He advises investors to sell Bitcoin and buy gold. (Bitcoin.com News)