Bitcoin climbed back above $64,000 on Monday, and Peter Schiff, economist at Euro Pacific Capital and longtime Bitcoin skeptic, immediately called the move a sell opportunity rather than a turning point. He also noted that Gold is now above $4,430 and Silver is above $66.25. Bitcoin’s rebound is partly explained by fading expectations for a Fed rate hike: Goldman Sachs estimates such a hike in September is now « very unlikely, » with traders pricing only a 30.6% chance. Schiff has maintained his bearish stance on Bitcoin since 2011, having declared the cryptocurrency doomed more than 20 times.
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