Bitcoin surpassed $72,000, driven by Trump’s call to Congress on the Clarity Act, prompting a new prediction of a crash from Peter Schiff, CEO of Euro Pacific Capital. Since 2011, Schiff has announced Bitcoin’s death 22 times, an absolute record, while Bitcoin was worth approximately $17 at his first warnings and is now trading over 4,000 times higher. Over the same period, gold rose from around $1,600 to just over $4,550 per ounce, a modest gain compared to Bitcoin’s returns. Despite this disastrous track record, Schiff continues to advise selling Bitcoin to buy gold, calling the rise above $72,000 a mirage caused by the surprise announcement of US Treasury bond buybacks. However, Bitcoin still shows a loss of approximately 18% since January 1.
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