Peter Schiff strikes again: Bitcoin's rebound is a hoax, gold is the real asset

This well-known economist and gold enthusiast Peter Schiff has once again launched a “round of bombardment” against Bitcoin. According to the latest reports, he believes that the recent surge of BTC above $94,500 driven by the political events in Venezuela is unsustainable, and urges investors to decisively sell during this rebound and shift their assets into physical gold.

Venezuela Situation Becomes an Excuse for Bitcoin’s Rebound

Earlier this month, Bitcoin briefly surged to around $94,500 amid specific geopolitical events. However, as of January 21, the BTC price has fallen back to $89,770. Peter Schiff stated that this rebound lacks fundamental support and is merely the result of hot money speculating on the market. He pointed out that bullish forces often create illusions of rising due to external events, but these gains are usually short-lived.

Steadfast Gold Advocates Criticize the Bulls Again

As a long-term supporter of gold, Peter Schiff has always maintained that physical precious metals are the true safe-haven assets. In his view, Bitcoin’s value support has fundamental flaws—it does not have the thousands of years of historical recognition and tangible attributes that gold possesses. He recommends investors take advantage of the current rebound to reduce their cryptocurrency holdings and redirect funds into the more practically valuable gold market.

This is not the first time Peter Schiff has made such remarks. His ongoing criticism of the cryptocurrency market reflects the differing views between traditional asset advocates and digital asset believers, and this dialogue remains a long-standing topic in the market.