Bitcoin Critic Schiff Warns of Trump's Crypto Promises

Peter Schiff, known for his strong criticisms of Bitcoin, has warned the crypto community about Donald Trump's crypto-friendly promises during his campaign process. Trump stated that if elected President, he would make Bitcoin part of a strategic U.S. reserve, remove SEC Chairman Gary Gensler from his position, and oppose a central bank digital currency. However, Schiff cautions investors that Trump is unlikely to fulfill these promises.

This warning from Schiff came after Bitcoin rose amid speculation about Trump's chances of winning. However, Schiff pointed out that this optimism might be misplaced. Long critical of Bitcoin, Schiff argues that gold remains the most stable investment vehicle.

Bitcoin's current rally and future predictions

Bitcoin surpassed $75,000, reaching new highs due to investor interest following Trump's election victory. Heading into the U.S. session, Bitcoin is trading around the $74,600 mark, showing an increase of over 8% during the day. This rise is interpreted by the market as a signal that Bitcoin could aim for a new all-time high level of $100,000. Some experts view the current surge as a response driven by investors' fear of missing out (FOMO). Consequently, there are warnings for crypto investors to remain cautious by monitoring price movements. On the other hand, historical data indicates that Bitcoin has shown a steady increase in the post-election period.

Post-election performance of Bitcoin

Following the 2016 and 2020 U.S. presidential elections, Bitcoin demonstrated strong resistance, never falling below the price on election day. Some analysts believe that the post-election upward momentum could repeat itself. In this context, there is a focus on the possibility of Bitcoin triggering a rally towards $100,000. Nevertheless, investors are closely concerned about whether Bitcoin can maintain levels above $75,000 in the short term.