Peter Schiff Labels Bitcoin Rally “Another Classic Pump and Dump”
Highlights
- Bitcoin has retested the $50,000 price mark in bullish rally today
- Peter Schiff labels this surge another classic pump and dump scheme
- Bitcoin keeps defying bearish projections from its critics
Considering the recent Bitcoin rally, American stockbroker and financial commentator Peter Schiff thinks that this may just be “another classic pump-and-dump” cycle.
Bitcoin Rally Drawing New Speculations
Earlier on Monday, the price of Bitcoin blew past the $50,000 threshold, marking the highest level the coin has reached in the last three years.
The surge triggered a frenzy in the market as investors began to camp around the coin. Much of the rise was attributed to the massive inflows into the spot Bitcoin ETF market over the past week summing up to $1.1 billion.
While every other person seems excited by the Bitcoin rally, Schiff regards the move as one of those sentiments that are rather momentary. Specifically, he called it “another classic pump and dump,” suggesting that the price surge is a manipulation scam waiting to happen.
Peter Schiff opines that it is just a tactic to attract more buyers and then sell the overpriced asset at a profit, triggering a price crash.
Pessimistic Views on Bitcoin From Experts
With this stance, Schiff sounds like the popular CNBC Mad Money host Jim Cramer. The TV personality has constantly talked down on the flagship cryptocurrency, advising investors to sell their holdings. Last month when Bitcoin price began to move towards $40,000, Jim Cramer sounded a subtle warning to investors noting that it was the perfect time for investors to “roll out” their holdings.
Cramer once stated that should the price of Bitcoin recover, the coin would not be able to hold up the resurgence due to a lack of inflows. He made this statement when the Bitcoin rally cooled off with the price dropping by more than 20% in January.
Beyond all these predictions, Bitcoin proving some of these market experts wrong. The coin keeps displaying a positive sentiment, suggesting a coming bull run. At the time of this writing, BTC was trading at $49,898.38 with a 3.40% increase in the last 24 hours.
The leading cryptocurrency may move further to $60,000 or even reach higher levels as predicted by CryptoQuant CEO Ki Young Ju. Noteworthy, the top crypto analyst declared that Bitcoin could soar as high as $112,000 on a very bullish basis this year.
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