As Gold Price Goes Up, Bitcoin Will Collapse: Says Peter Schiff

July 6, 2020      Jyoti Singh

Once again the price of Bitcoin has started fluctuating in the market and is messing around with its support level of $9,000. On July 05, 2020, in just 30 minutes, its price again came down came by $100.

Earlier, the recorded trading value of Bitcoin was $9,000 which, in 30 minutes, slightly plunged and reached $8,910 on major spot and derivatives exchanges.

But soon, Bitcoin bounced back and now is being traded for $9,040. Since the past few days, its price is centred around $9,000.

Bitcoin Will Not Stay Around $9,000 For Long

Recently, Bitcoin sceptic Peter Schiff has claimed that soon the price of world’s largest cryptocurrency would again fall down, it can’t stay around $9,000 for a longer time period.

Since the last two weeks, Bitcoin as well as gold, both are stuck in a holding pattern. On one hand, gold has been trying to break past $1,800 and on the other hand, Bitcoin has been struggling to break below $9,000.

The CEO of Euro Pacific Capital, Peter Schiff, believes that soon, both of the assets would experience their respective escape.

On July 05, while talking about gold and Bitcoin’s holding pattern, Schiff, tweeted, “Gold seems to be chipping away at resistance just below $1,800 while Bitcoin is simultaneously chipping away at support just above $9,000.” He further said in his tweet that both the assets would struggle and support to give way, while the Gold goes up and Bitcoin falls down.

Bitcoin Is Not Digital Gold

Additionally, he mentioned that Bitcoin is not digital gold and people who believe that are making a big mistake.

While Schiff has claimed that as the price of gold rises, the Bitcoin would fall under $9,000, some of the researchers believe that nothing like that would happen.

According to Bloomberg’s Mike McGlone report, which was published in June 2020, stated that gold is a strong correlation with Bitcoin.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.