Renowned economist Peter Schiff linked Bitcoin’s (CRYPTO: BTC ) recovery rally to former President Donald Trump’s sons making a “vague” cryptocurrency announcement. He suggested his followers sell the apex cryptocurrency on this upward move.
What Happened : On Thursday, Schiff took to X to comment on the recent market trends. He noted a significant recovery in assets that suffered during Monday’s sell-offs, with Bitcoin making an even larger leap.
Don't Miss:
Schiff attributed King Crypto’s surge to a potential boost from the Trump sons’ vague promise of a major pro-cryptocurrency announcement. He ended the post by advising to “sell Bitcoin into the rally,” in stark contrast to the HODL narrative pushed by maximalists.
Financial assets that declined recently all rose today, with #Bitcoin joining the rally with an even bigger move up. Bitcoin may have received an added boost from a vague commitment by the #Trump sons that a major pro- #crypto announcement is imminent. Sell Bitcoin into the rally.
— Peter Schiff (@PeterSchiff) August 8, 2024
See Also: According to Cathie Wood, holding 6 Ethereum (ETH) could make you a millionaire, here’s why it can be true .
His observations were not well received by Bitcoin supporters, with one user, Brooklyn , saying, “BTC did not rise because of the Trump sons. Come on Peter, at least make serious arguments.”
Why It Matters : Schiff’s post came after Bitcoin rallied sharply Thursday, erasing losses from Monday’s free fall.
Cryptic social posts by Donald Trump Jr. and Eric Trump have been a topic of speculation in the cryptocurrency space. The two have dropped hints about a significant announcement related to cryptocurrency and decentralized finance (DeFi).
However, the family cautioned against falling victim to fake tokens , and stated that any official announcement would come directly from them.
Read Next:
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro -
Get the latest stock analysis from Benzinga?
This article Peter Schiff Says Trump Family's 'Vague' Crypto Announcement Led To Bitcoin Rally, Gets Slammed By Critics: 'Make Serious Arguments' originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
