Bitcoin’s price dropped roughly $1,500 after being rejected at $65,200, falling below $64,000. Prominent critic Peter Schiff labeled the cryptocurrency the “anti-gold,” noting that gold rallied 8% in a single week while Bitcoin declined. Schiff also criticized Strategy’s recent Bitcoin sales, claiming the company has turned to fiat money and advising investors to sell both Bitcoin and MSTR.
Bitcoin’s price made its first notable move since the end of the previous business week after it was rejected at $65,200 earlier today and dropped by a grand and a half within minutes. The asset slipped below $64,000.
Full-on crypto critic Peter Schiff used the opportunity to lash out at the asset’s price moves by comparing it with gold and by weighing in on Strategy’s latest moves. In one post, the economist said the Saylor‑led company has apparently given up on the idea of digital credit, as it just announced its fourth BTC sale of the year.
Schiff believes Strategy has turned to the “good” old‑fashioned fiat money as superior protection since “lenders don’t have confidence in Bitcoin as collateral.” As such, he advised investors to “sell MSTR and sell Bitcoin now!”
Schiff took another stab at the cryptocurrency in a subsequent post, but this time by comparing it with gold. As reported over the weekend, the precious metal rebounded from the $4,000/oz support and gained 8% within a single week as China and other central banks continued to make large accumulations.
In contrast, BTC was stopped at $65,000 and remains deep in the red on a YTD scale. Schiff called bitcoin the “anti‑gold.”
In a post, Schiff stated: “When gold initially broke out, Bitcoin broke down. When gold corrected, that’s when Bitcoin bounced. Now that the gold correction is over, and gold is back in rally mode, Bitcoin has resumed its decline. Bitcoin is anti-gold. The more gold goes up, the more Bitcoin will go down.”
