Bitcoin Price Tumbles Below $64K Amid Peter Schiff's Anti-Gold Rant

Bitcoin's price has taken a significant hit in recent minutes, dropping below $64,000. This move comes after it was rejected at $65,200 earlier today.

Economist Peter Schiff seized on this opportunity to criticize Bitcoin, comparing its performance to gold. According to Schiff, when gold rebounded from the $4,000/oz support and gained 8% within a single week, Bitcoin failed to follow suit, remaining deep in the red on a year-to-date scale.

Schiff believes that Strategy, led by Michael Saylor, has given up on digital credit, instead turning to fiat money as a superior protection. He stated that lenders lack confidence in Bitcoin as collateral and advised investors to 'sell MSTR and sell Bitcoin now!'

Schiff further emphasized the contrast between gold and Bitcoin, saying that when gold breaks out, Bitcoin breaks down, and vice versa. He labeled Bitcoin the 'anti-gold', predicting that its decline will continue as long as gold remains in rally mode.