Peter Schiff rejoices as gold rises and Bitcoin retreats

Source: CritpoTendencia Original Title: Peter Schiff rejoices as gold rises and Bitcoin pulls back Original Link: This Monday, financial markets experienced a major jolt in which various factors interact. These caused the price of gold to reach 6-week highs, while Bitcoin pulled back sharply. For renowned cryptocurrency critic Peter Schiff, this market reaction clearly defines which asset is the most important.

In an event that can be considered traumatic for risk assets, the yield on the 10-year bond of the Bank of Japan rose to levels not seen since 2008. This caused an immediate shakeup in financial markets, leading to a drop in stocks in Europe and Asia, as well as in the crypto market.

Meanwhile, reserve assets like gold and silver saw noticeable price increases during this session. This phenomenon occurs because capital fleeing risk seeks refuge in metals, driving their prices higher amid strong demand.

It was on this point that economist Peter Schiff commented this Monday, criticizing mainstream media. He claims they maintain a false narrative by branding BTC as digital gold, when in reality, in his view, it is a speculative asset without value.

This Monday, Schiff took to his X account to harshly criticize the largest digital currency. “If you don’t understand why Bitcoin is plunging while precious metals are surging, it’s because you don’t understand either of them,” he stated. He then emphasized that this ignorance is what allowed the currency to rise to $126,000 and also prevents holders from selling.

The media are responsible for inflating Bitcoin, according to Schiff

In a separate post, the economist blames media outlets like CNBC for having contributed to the BTC bubble. He notes that this outlet will continue to host Bitcoin sellers in staged interviews in which they refuse to hold their guests accountable for failed BTC forecasts.

The expert laments that the media do not ask crypto world representatives to explain BTC’s decline and gold’s rise. In his view, the media gave a voice to those preaching the digital gold narrative without questioning it. Now that facts show this narrative is false, he implies, they do not dare to demand explanations.

During this session, Schiff also took the opportunity to attack a prominent corporate holder of Bitcoin. He claimed that current movements mark the beginning of the end for the company. He referred to the decision to create a $1.44 billion reserve to pay dividends, calling it proof of the firm’s strategy failure.

As can be seen, now that Bitcoin is pulling back, Schiff considers this the ideal moment to prove his point.