Bitcoin surges alongside other crypto assets after the recent decline.
Critic Peter Schiff calls for profiting taking, anticipating another Bitcoin dump.
Crypto community members disagree with Schiff’s recommendation.
Bitcoin and other major cryptocurrencies, including Ethereum, Solana, and Cardano, are rebounding after the recent market dip, prompting a heated debate among investors and analysts about the sustainability of this rally and its underlying causes.
As of press time, Bitcoin is trading at $60,711.40, a 5.95% increase in the last 24 hours. Ethereum is trading at $2,668.80, a 10.42% increase, while Solana, XRP, and Cardano are currently priced at $158.02, $0.6028, and $0.3468, respectively.
Peter Schiff, a well-known critic of cryptocurrencies, recently took to X to make a remark on the ongoing pump. He suggested that the recent rise in Bitcoin’s value might be linked to a “vague promise” from Donald Trump’s political camp about an upcoming major pro-crypto announcement.
As a result, Schiff advised investors to sell Bitcoin into the rally and capitalize on recent gains. His recommendation hints at skepticism about the sustainability of the current price increase, suggesting the likely resurge of another downturn. Schiff’s latest comments reflect his long-standing critical view of Bitcoin, as he often promotes traditional investments like gold and silver.
However, Schiff’s recommendation was met with skepticism from the crypto community, with many questioning his motives and analysis. An X user Dubya criticized Schiff, suggesting he promotes his own interests despite poor performance, while another commenter dismissed Schiff’s reasoning behind the recent pump as lacking credibility. Meanwhile, X user Cryptobetzz speculated that Schiff might secretly be a Bitcoin supporter, adopting a critical stance to boost engagement and attract attention.
In contrast, X user Bjorn highlighted Bitcoin’s unique qualities, such as scarcity and verifiability, arguing that these attributes make it a more valuable asset than gold in the digital age.
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