Peter Schiff Warns Investors to Sell Bitcoin Amidst Price Surge $62K

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Bitcoin has recently surged to $62,384 along with other financial assets that had previously been declining. This price surge comes amid rumors of a major pro-crypto announcement linked to the Trump family. However, renowned economist Peter Schiff is advising Bitcoin investors to consider selling.

Peter Schiff’s Warning

In a recent tweet Peter Schiff, a well-known economist and Bitcoin critic, has warned investors about bitcoin. He suggests that while Bitcoin’s recent gain is impressive, it might be wise to “sell Bitcoin into the rally.” 

Financial assets that declined recently all rose today, with #Bitcoin joining the rally with an even bigger move up. Bitcoin may have received an added boost from a vague commitment by the #Trump sons that a major pro-#crypto announcement is imminent. Sell Bitcoin into the rally.

— Peter Schiff (@PeterSchiff) August 8, 2024

Schiff speculated that Bitcoin’s recent rise might be influenced by a vague commitment from Donald Trump’s sons regarding an imminent pro-crypto announcement. While details remain unclear, this speculation appears to have contributed to Bitcoin’s notable price increase.

Therefore, Schiff believes that the current price boost could be temporary, and investors might want to take advantage of it before potential future drops.

Community Reaction

Meanwhile, Peter’s analysis did not sit well with Bitcoin supporters. Mike Alfred, an entrepreneur, commented, “Bitcoin is not crypto, Peter. Come on, you’re regressing again.” 

Bitcoin is not crypto, Peter. Come on, you’re regressing again.

— Mike Alfred (@mikealfred) August 9, 2024

Similarly, another X user Brooklyn responded to Peter, saying, “BTC did not rise because of the Trump sons. Come on, Peter, at least make serious arguments.” Investors are eagerly awaiting any official updates that could impact Bitcoin’s future performance.

Bitcoin’s Price Surge

Yesterday, Bitcoin briefly peaked at $62,380 before retreating to $60,968, marking a 7% surge over the past 24 hours. This sharp rebound follows Bitcoin’s recent dip below a crucial support level, falling to $49,751 on August 5. It was the first time Bitcoin had dropped below $50,000 since February.