Peter Schiff calls Bitcoin's climb above $72K a fakeout as bulls dig in

Peter Schiff, a longtime Bitcoin critic, said on Thursday that BTC’s rise to above $72,000 is a false breakout built on a one-off Treasury move.

Bullish analysts, on the other hand, regard the same week’s data as the start of a fresh cycle for Bitcoin.

Will Bitcoin continue rising?

Bitcoin traded around $71,447 on Thursday, up about 9% over 24 hours. The price reached a high of around $72,397 during the day, according to CoinMarketCap, its highest since May 31.

Peter Schiff, who has long been critical of BTC, told his followers to “Sell Bitcoin” and instead buy gold, arguing that the recent rally is due to a surprise announcement from the U.S. Treasury.

The U.S. Treasury announced that it would double its long-term bond buybacks. The limit for each operation was raised from $2 billion to at least $4 billion, causing the 30-year bond yield to drop from over 5.34%, which was its highest in 19 years, to about 5.196%.

In a follow-up post, Schiff said Treasury yields have already started climbing again and that the buyback announced so far is too small to change that. Stopping the trend, he argued, would take a much larger buyback plus an official quantitative easing program from the Federal Reserve.

… Continue reading the full article at the original source below.