Bitcoin Critic Peter Schiff Claims BTC Has Developed a Strong Negative Correlation to Gold

Renowned Bitcoin critic and gold bug Peter Schiff has once again voiced his skepticism over Bitcoin, despite its recent price rally past $66,000.

Bitcoin price soared past $66,000 on Wednesday, hitting a fresh record high and continuing its spectacular ascent.

But renowned Bitcoin critic and gold bug Peter Schiff is not convinced, and he had this to say about the recent price surge: "Gold is up another $8 now, trading at a new record high just shy of $2,480. But as gold started to move higher, Bitcoin started to move lower."

Schiff, comparing the performance of Bitcoin and gold, went on to claim that the two assets have a strong negative correlation.

"It really seems that Bitcoin has developed a strong negative correlation to gold. That means for Bitcoin to succeed, gold must fail," Schiff added.

Bitcoin price enjoyed five days of gains before dipping

BTC price briefly rose above $66,000 earlier in today's session, reaching highs of $66,139 following five consecutive days of gains.

However, the world's largest cryptocurrency subsequently dipped to trade at $64,688 by 21:05 ET (02:05 GMT), still up 1.32% in the last 24 hours.

Bitcoin price enjoyed five days of gains before dipping

BTC price briefly rose above $66,000 earlier in today's session, reaching highs of $66,139 following five consecutive days of gains.

However, the world's largest cryptocurrency subsequently dipped to trade at $64,688 by 21:05 ET (02:05 GMT), still up 1.32% in the last 24 hours.

Bitcoin price benefited from increased bullish sentiment

The crypto market is catching up as it puts behind it the supply overhang caused by German government sales.

Bitcoin appears to be benefiting from increased bullish sentiment as traders anticipate less selling pressure in the long run as Mt. Gox reimbursements to creditors begin.

Bitcoin ETFs also extended their seven-day winning streak on Tuesday, attracting $422.5 million in inflows, the highest single-day total since June 5.

Bitcoin ETFs attracted $422.5 million in inflows on Tuesday, while broad-based ETFs saw a record seven weeks of outflows.

Bitcoin ETFs, which are designed to track the price of BTC, saw another day of inflows, while broad-based ETFs encountered seven weeks of outflows, also hitting a record.

Bitcoin ETFs enjoyed seven days of inflows, while broad-based ETFs encountered seven weeks of outflows

Bitcoin ETFs enjoyed seven days of inflows, while broad-based ETFs encountered seven weeks of outflows, hitting a record in both cases.

Cryptocurrency-linked exchange-traded funds (ETFs) attracted $422.5 million in inflows on Tuesday, while broad-based ETFs encountered a record seven weeks of outflows, as per VettaFi Precise data.

The recent price surge past $66,000 has reignited optimism in the crypto community, who view it as a signal for further potential growth.

However, Schiff's criticism might be a reminder that not everyone is convinced by Bitcoin's recent price increase.

The above is the detailed content of Bitcoin Critic Peter Schiff Claims BTC Has Developed a Strong Negative Correlation to Gold. For more information, please follow other related articles on the PHP Chinese website!