Peter Schiff Calls Bitcoin’s $72K Rally a ‘Fakeout’ and Says Gold Is the Real Winner

Key Takeaways

• Peter Schiff dismissed Bitcoin's surge above $72,000 as a "fakeout," arguing the Treasury-driven rally will ultimately favor gold.

• Bitcoin's rebound has been fueled by lower Treasury yields, a weaker dollar, heavy short liquidations and renewed ETF inflows.

• Trump's White House crypto push, the CLARITY Act and a potential US pathway for Hyperliquid have added a regulatory catalyst to the rally.

Bitcoin's push above $72,000 has revived hopes that the months-long crypto downturn may finally be losing momentum. Peter Schiff is not buying it.

The longtime Bitcoin critic called the move a "fakeout, not a breakout" on Thursday.

Schiff argued that traders have misread the US Treasury's surprise expansion of its bond-buyback program.

Shiff's New Attack on Bitcoin

Schiff said Bitcoin investors have long expected a return to easier monetary conditions to lift both BTC and gold.

However, according to the economist, only the latter will ultimately benefit, ending his post with a familiar message: sell Bitcoin and buy gold.

Bitcoin nevertheless climbed to around $72,200 on Aug. 20, extending a rally that began after the Treasury moved to calm pressure in the government bond market.

Why Bitcoin Suddenly Rallied Above $72K