BTC Price Plummets Below $64K as Peter Schiff Declares Bitcoin 'Anti-Gold'

Bitcoin's price dropped below $64K after being rejected at $65,200 earlier today. The sharp decline came as Peter Schiff, a long-time critic of cryptocurrency, weighed in on Bitcoin's performance.

Schiff compared Bitcoin's recent price action to that of gold, which rebounded 8% last week following large central bank purchases. He noted that when gold rises, Bitcoin tends to fall.

In a tweet, Schiff called Bitcoin the 'anti-gold' and advised investors to sell their holdings in Strategy (MSTR) and Bitcoin. This comes after Strategy announced its fourth BTC sale of the year, with Schiff suggesting that the company has given up on digital credit in favor of fiat money due to a lack of confidence in Bitcoin as collateral.