While gold and Bitcoin rose in tandem on Sunday, yesterday was different, with the two assets significantly diverging. After hitting a historic record of $2,151 on Sunday evening, gold fell to a low of $2,021 on Monday evening, while the price of bitcoin, which barely exceeded $40,000 on Sunday, continued to rise even more yesterday. From $42,000.
However, in a message posted Monday afternoon on Twitter (NYSE:TWTR), economist Peter Schiff suggested that the correction in gold is what drove Bitcoin higher.
“Gold’s correction below $2,100 has provided a catalyst for Bitcoin to point to $41,000,” he wrote, noting that this could constitute a “swan song” for the cryptocurrency