Peter Schiff Responds to Bitcoin Price Surge Exceeding $66,000

Renowned critic and gold advocate Peter Schiff has once again expressed his skepticism regarding Bitcoin, despite its recent price rally surpassing $66,000.

Schiff, who is known for his bearish perspective on Bitcoin, downplayed the recent surge, stating, “Gold is up another $8 now, trading at a new record high just shy of $2,480. Just as gold started to move higher, Bitcoin began to decline.”

In his comparison of Bitcoin and gold, Schiff asserted that the two assets exhibit a significant negative correlation. “It really seems that Bitcoin has developed a strong negative correlation to gold. That means for Bitcoin to succeed, gold must fail,” he remarked.

Schiff’s remarks come at a crucial time when Bitcoin’s price movements are being closely monitored following its impressive rise over the weekend. Bitcoin briefly climbed above $66,000 earlier today, reaching a peak of $66,139 after five consecutive days of gains. It later dipped near $64,000 but remained up 1.32% in the last 24 hours, standing at $64,688 at the time of reporting.

### Bitcoin Benefiting from Bullish Sentiment

The cryptocurrency market appears to be rebounding, moving past the supply issues caused by government sales in Germany. Bitcoin seems to be gaining from heightened bullish sentiment, as traders anticipate reduced selling pressure moving forward with upcoming reimbursements to creditors from Mt. Gox.

Bitcoin exchange-traded funds (ETFs) also continued their winning streak on Tuesday, attracting $422.5 million in inflows, marking the highest single-day total since early June. Over the last three days, Bitcoin ETFs have raised more than $1 billion, signaling a growing confidence in Bitcoin’s price trajectory.

The recent surge past $66,000 has rekindled optimism within the crypto community, with many regarding it as a potential signal for further growth. However, Schiff’s critique serves as a reminder that skepticism about Bitcoin’s price rally persists among some observers.