Cryptocurrency

Terra Classic

Bitcoin

April

<div class="finbold">
 <p class="paragraph">In an impressive <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>, Bitcoin (BTC) briefly broke the $42,000 barrier on Monday, December 4, marking its highest point since April 2022.&nbsp;</p>
 <div></div>
 <p class="paragraph">Bolstered by a robust 20% surge over the past month, the cryptocurrency’s rally is fueled by optimism surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by US regulators and expectations of Federal Reserve rate cuts in 2024.&nbsp;</p>
 <p class="paragraph">Amidst bullish projections, with some anticipating Bitcoin surpassing $100,000 by end-2024, some retained their bearish stance on the maiden crypto asset. Notably, a prominent US stockbroker and <a rel="noopener noreferrer nofollow" title="economist" href="https://thebittimes.com/tag/economist.html">economist</a> warns that the current uptrend is transient, saying BTC’s “collapse will be more <a rel="noopener noreferrer nofollow" title="spectacular" href="https://thebittimes.com/tag/spectacular.html">spectacular</a> than its <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>.”</p>
 <h2 class="wp-block-heading" id="h-unlike-bitcoin-gold-s-rally-is-real-says-peter-schiff">Unlike Bitcoin, “gold’s rally is real,” says Peter Schiff</h2>
 <p class="paragraph">Peter Schiff, an American economist, financial broker, and a known gold advocate, said in a December 4 post that Bitcoin’s latest spike has been allowed by a pullback in gold’s price.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
   <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/12/04/223f97e87fdfb6e7067e1319a5de57d3.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="machine-learning-algorithm-sets-terra-classic-price-for-xmas-day">Machine learning algorithm sets Terra Classic price for Xmas day</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/12/04/e89073cb5a9b0bb82652c09bb82e53d5.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="should-you-invest-in-bitcoin-experts-are-divided">Should you invest in Bitcoin? Experts are divided</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/12/04/0e8b7b6b16348fb7fdd276d3e23914dc.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="rich-dad-r-kiyosaki-urges-fighting-back-against-woke-greenies-by-buying-bitcoin">‘Rich Dad’ R. Kiyosaki urges fighting back against ‘woke greenies’ by buying Bitcoin</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/12/04/18be7e9806a03ecf6ebe02a65929b44c.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="rich-dad-kiyosaki-names-3-assets-to-win-next-great-depression">'Rich Dad' Kiyosaki names 3 assets to 'win' next Great Depression</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
    <div class="max-w-[300px]">
     <div class="py-0 first:pt-0 last:pb-0">
      <div class="flex gap-x-4">
       <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/12/04/840971e29156615ec00805c826e3926f.webp" alt class=" w-full rounded-md lazy">
       </div>
       <div>
        Cryptocurrency 
        <h3 class="font-bold leading-6 " id="google-bard-picks-5-cryptocurrencies-to-buy-in-december">Google Bard picks 5 cryptocurrencies to buy in December</h3>
        <div class="sm:flex gap-x-3 mt-2">
        </div>
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
  <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
   <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
   </div>
  </div>
  <p class="paragraph">“Gold pulling back below $2,100 has provided a catalyst for Bitcoin to spike near $41K. This could be Bitcoin’s swan song.”</p> <cite>– said Schiff in his post.</cite>
 </blockquote>
 <p class="paragraph">In the same X post, Schiff implied that BTC’s rally is being fueled by a “speculative frenzy around spot Bitcoin ETFs,” adding he expects that to end soon. This will lead to a stunning crash in Bitcoin’s price, he said, while expecting gold to remain resilient.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Bitcoin’s collapse will be more <a rel="noopener noreferrer nofollow" title="spectacular" href="https://thebittimes.com/tag/spectacular.html">spectacular</a> than its <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>. In contrast, gold’s <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> is real.”</p>
 </blockquote>
 <p class="paragraph">Schiff’s remarks do not come as a surprise, given that he’s been a staunch advocate for gold as a fundamental component of investment portfolios, arguing that it serves as a reliable hedge against inflation and economic uncertainty.&nbsp;</p>
 <p class="paragraph">He emphasizes gold’s historical role as a store of value, asserting that its tangible nature makes it a more enduring and trustworthy asset compared to fiat currencies.</p>
 <h2 class="wp-block-heading" id="h-commodity-guru-says-gold-could-be-a-top-performer-in-2024">Commodity guru says ‘gold could be a top performer’ in 2024</h2>
 <p class="paragraph">While he did not comment on Bitcoin’s 2024 prospects, Bloomberg’s senior commodity strategist Mike McGlone somewhat shared Schiff’s sentiment regarding gold’s rally.</p>
 <p class="paragraph">In particular, McGlone said “gold could be a top performer again in 2024,” citing recessionary signals. He pointed out that energy ranks at the bottom of our commodity-sector annual performance, while precious metals, including bullion, are leading the pack.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#Gold Could Be a Top Performer Again in 2024 – <br>Another global #recessionary signal is that #energy is at the bottom of our commodity-sector annual performance scorecard and #preciousmetals are on top. A primary spark that may accelerate this trend is a typical US #stockmarket… pic.twitter.com/cw5VHfFq7n</p>— Mike McGlone (@mikemcglone11) December 3, 2023
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">This trend could further be accelerated by a “typical stock market drawdown for a recession,” he added.</p>
 <p class="paragraph">At the time of publication, the price of gold was sitting at $2,068 per ounce, up 13.5% since the start of the year.&nbsp;</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-s-crash-will-be-more-spectacular-than-its-rally-us-economist-says-tbt72534.html">https://thebittimes.com/bitcoin-s-crash-will-be-more-spectacular-than-its-rally-us-economist-says-tbt72534.html</a></p>

Bitcoin’s crash will be ‘more spectacular than its rally,’ US economist says

Table of Contents

TheBitTimes

Other articles published on Dec 4, 2023

Osmosis and UX Chain eye consolidation in Cosmos ecosystem

Mayor AS Sebut Blockchain Bitcoin Penting untuk Sistem Pertahanan AS

Terra Classic more than doubled in a week, analyst weighs in

Crypto Market Rally : Bitcoin Price Breaking the $40K Barrier Amidst Global Economic Shifts

U.S. Space Force Member Lowery Notices Bitcoin for Cyber Defense

Address poisoning attacks hit Safe Wallet users, losses exceed $5m

Join our free newsletter for daily crypto updates!