Peter Schiff: Bitcoin pulls back as gold soars, revealing the true nature of assets

Source: CritpoTendencia Original Title: Peter Schiff rejoices as gold rises and Bitcoin falls Original Link: This Monday, financial markets are experiencing a strong shake-up involving various factors. These cause the price of gold to reach 6-week highs, while Bitcoin sees a marked decline. For the well-known cryptocurrency critic, Peter Schiff, this market reaction clearly defines which is the most important asset.

In an element that can be considered traumatic for risk assets, the 10-year bond yield of the Bank of Japan rose to levels not seen since 2008. This caused an immediate jolt in the financial markets that led to a decline in stocks in Europe and Asia, as well as in the crypto market.

Meanwhile, reserve assets like gold and silver are experiencing noticeable price increases during this day. This phenomenon occurs because capital fleeing from risk seeks refuge in metals, leading to their rise due to strong demand.

This particular issue was addressed this Monday by economist Peter Schiff, who criticized the mainstream media. He claims that they maintain a false narrative by labeling BTC as digital gold when, in his opinion, it is a speculative asset lacking value.

This Monday, Schiff took to his account on X to harshly criticize the largest of the digital currencies. “If you don't understand why Bitcoin is crashing while precious metals are skyrocketing, it's because you don't understand either of them,” he stated. He further highlighted that this ignorance is what allowed the currency to rise to $126,000 and also prevents holders from liquidating.

The media are responsible for the inflation of Bitcoin, according to Schiff

In a separate post, the economist blames the media such as CNBC for contributing to the BTC bubble. He emphasizes that this outlet will continue to host Bitcoin sellers in staged interviews where they refuse to hold their guests accountable for the failed predictions about BTC they make.

The expert laments that the media do not ask representatives of the crypto world for explanations about the fall of BTC and the rise of gold. In his view, the media have given a voice to those who preach the narrative of digital gold without questioning it. Now that the facts show that this narrative is false, he hints, they do not dare to ask for explanations.

During this day, Schiff also took the opportunity to attack MicroStrategy, the largest corporate holder of Bitcoin. He stated that the current movements mark the beginning of the end for the company of Bitcoin maximalist Michael Saylor. He referred to MicroStrategy's decision to create a reserve of $1.44 billion to pay dividends. He said that this is a demonstration of the failure of the firm's strategy and labeled Saylor a scammer.

As can be seen, now that Bitcoin is retracing, Schiff believes it is the ideal time to demonstrate his point of view.