Bitcoin, along with other financial assets that were previously in the red, recently rose to $62,384. This price increase came amid rumors of a major pro-crypto announcement related to the Trump family. However, renowned economist Peter Schiff advises Bitcoin investors to consider selling.
Peter Schiff’s warning
In a recent tweet, Peter Schiff, a well-known economist and Bitcoin critic, has warned investors about Bitcoin. He suggests that while Bitcoin’s recent rise has been impressive, it may be wise to “sell Bitcoin during the rally.”
Schiff speculated that Bitcoin’s recent rise may have been influenced by a vague promise from Donald Trump’s sons regarding an upcoming pro-crypto announcement. While the details remain unclear, this speculation appears to have contributed to Bitcoin’s significant price increase.
Therefore, Schiff believes that the current price increase may be temporary and that investors may want to take advantage of it before possible future declines occur.
Community reaction
Meanwhile, Peter’s analysis did not go down well with Bitcoin supporters. Mike Alfred, an entrepreneur, commented: “Bitcoin is not a cryptocurrency, Peter. Come on, you’re going backwards again.”
Similarly, another X user, Brooklyn, responded to Peter, saying, “BTC didn’t rise because of Trump’s sons. Come on, Peter, at least bring serious arguments.” Investors are eagerly awaiting official updates that could affect Bitcoin’s future performance.
The price increase of Bitcoin
Yesterday, Bitcoin briefly reached a high of $62,380 before falling back to $60,968, up 7% in the past 24 hours. This strong bounce follows Bitcoin’s recent drop below a crucial support level when it fell to $49,751 on August 5. It was the first time Bitcoin fell below $50,000 since February.
