Cryptocurrency

Terra Classic

Bitcoin

April

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 <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>
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 <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>
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  <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>
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 <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>
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  <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>
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 <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>
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    <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
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 <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>
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<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

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