Trump Won't Save Bitcoin with Social Media Posts – Peter Schiff
Economist and crypto skeptic Peter Schiff, head of Euro Pacific, said the first cryptocurrency has ceased to be digital gold.
An economist believes Bitcoin's recent collapse is due to the White House administration's aggressive statements about raising tariffs on Chinese goods. The crypto skeptic believes Bitcoin's decline is a sign of instability in the cryptocurrency.
“Friday's Bitcoin crash wasn't a reason to buy, but a warning. The next time Bitcoin crashes, Donald Trump won't be able to save it with a social media post. Gold's sharp rise debunks the myth that Bitcoin is digital gold. Bitcoin could crash at any moment,” Schiff wrote on social media.
On October 11, Bitcoin experienced a sharp correction, falling below $110,200. Gold continues to set new highs, breaking above $4,100. According to Schiff, Bitcoin's weak performance against the precious metal serves as a warning: the cryptocurrency is in a deep bearish trend, which is inevitably followed by a crash.
Schiff, a proponent of gold investing, warned that crypto investors are in for a bitter disappointment and will soon learn a valuable lesson that will cost them dearly.
An economist recently stated that Wall Street financial firms have become saturated with Bitcoin, so their interest in the crypto market should significantly wane, and large investors will turn their attention back to gold.
Source: cryptonews.net
