©Reuters
Investing.com – While Gold and Bitcoin rose in tandem on Sunday, yesterday was different, with the two assets diverging significantly. After a historic record at $2,151 on Sunday evening, the , in fact fell to a low at $2,021 on Monday evening, while the , which barely exceeded $40,000 on Sunday, continued its rise yesterday to more than 42,000 $.
However, in a message posted Monday afternoon on Twitter (NYSE:), economist Peter Schiff suggested that the correction in Gold is what fueled the rise in Bitcoin.
“Gold’s correction below $2,100 provided a catalyst for Bitcoin to point towards $41,000,” he wrote, suggesting that this could constitute a “swan song” for the cryptocurrency.
He in fact predicted that “the speculative madness around Bitcoin ETFs will end soon” and that then, “the collapse of Bitcoin will be more spectacular than its rally”, emphasizing that the situation is different for gold, which the rally is according to him “real”.
In another post, Schiff then pointed out that while some consider Bitcoin to be “digital gold,” “thousands of other cryptos have also taken off,” ironically wondering if these were also versions digital gold, and himself answering the question by stating that “in reality, there is no digital gold, just modern digital versions of fool’s gold”.
Finally, in a third tweet, Schiff speculated that the correction observed in gold is due to “profit taking on speculative long positions” and the entry of short sellers, predicting that “sellers will hedge and the real buyers who took the price beyond $2000 will push gold to new records”.