Peter Schiff Names New Bitcoin (BTC) Killer, It Is Not Gold

Bitcoin critic Peter Schiff has identified a new killer for the digital currency as he shunned Gold, his favorite asset for the first time.

Donald Trump’s DJT Named As Successor to Bitcoin

Tough crypto critic Peter Schiff confirmed that the stocks of former US President Donald Trump’s Truth Social SPAC (DWAC) went live today as an official company under the ticker DJT is a worthy successor to Bitcoin. 

He further shared news of the 50% increase in the stock price of DJT recorded in less than 24 hours. 

Schiff thinks that the increase may contribute to making ex-president Trump the next world’s richest person but overall the world’s first trillionaire. Taking another jab at Bitcoin, the leading cryptocurrency by market capitalization, the crypto critic advised his followers to hodl the newly NASDAQ-listed shares and ditch BTC instead. 

“…..just go all in on DJT. It’s the new BTC. Laser eyes, diamond hands!” Schiff added.

Amid the rise in the price of the shares, there is an associated volatility and this triggered a halt in its trading for some hours but DJT trading resumed a little while after. The trading is experiencing an uptick seeing that in less than 24 hours over 6.5 million shares in Trump Media had changed hands. 

Surprising Upturn for DJT

For a share that was delisted from the New York Stock Exchange, DJT is currently having its moment in the market. So far, a profit of $4 billion in paper profits has been added to Donald Trump’s net worth. By this calculation, the stock’s valuation could be $6 billion at Tuesday’s opening bell. 

Compared to the less than $3.5 million revenue that the company previously reported over the first three quarters of 2023, this new profit indicates progress. It is worth noting that the share had previously recorded more than 35% on Monday before the Tuesday increase in price. 

This happened after a New York appeals court decreased the amount of a bond Trump would have to post to pause collection on a business fraud judgment while he appealed the case from $454 million to $175 million.

Meanwhile, Donald Trump is getting set for the upcoming 2024 elections and to that effect, he has voiced his support for Bitcoin. Many crypto proponents are notably favoring Donald Trump over President Joe Biden as the preferred candidate for the White House.