Bitcoin's Rally to $82K Post Trump's Election Win Not Enough To Flip Over Long-Term Critic Peter Schiff: No Fundamentals, Just 'Mania'

Peter Schiff, a long-time critic of Bitcoin BTC/USD, expressed skepticism about the recent surge in Bitcoin’s value. On Monday, he posted that the rise in Bitcoin has no connection to its fundamentals.

What Happened: Schiff highlighted that the U.S. dollar is strengthening, gold prices are declining, and the U.S. economy is expected to experience a boom. He attributed the Bitcoin rally to a “Trump-inspired mania” rather than any intrinsic value of the cryptocurrency.

Bitcoin recently reached a historic milestone, surpassing $82,000, driven by optimism surrounding President-elect Donald Trump‘s supportive stance on cryptocurrencies. The surge in Bitcoin’s value has been notable, with the cryptocurrency peaking at $82,368, more than doubling from its earlier low this year.

See Also: Cryptocurrencies Rally Following Trump Victory, El Salvador’s Bitcoin Bet Pays Off And More: Top Crypto Updates This Week

Despite the rally, Schiff remains unconvinced about Bitcoin’s long-term prospects, emphasizing the strength of the U.S. dollar and the anticipated economic boom. His views contrast with the market’s optimism, underscoring the divide between Bitcoin enthusiasts and critics. Bitcoin ETFs have seen substantial gains, reflecting investor confidence in the cryptocurrency’s future.

Read Next:

• Anthony Scaramucci Sued By FTX, Says Bankman-Fried Made Investments In SkyBridge Endeavors That ‘Conveyed Little To No Benefit’

Image via Wikimedia

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.