You should do this after Bitcoin reclaimed $71,000, according to top economist
The post You should do this after Bitcoin reclaimed $71,000, according to top economist appeared on BitcoinEthereumNews.com.
Following a period of exceptional volatility that has only been exacerbated by escalating geopolitical tensions, Bitcoin (BTC) managed a surprise rally between March 3 and press time on March 4. Indeed, after threatening a collapse to and under $60,000 less than a week earlier and failing to decisively break above $67,000 for weeks, the world’s premier cryptocurrency suddenly reclaimed $71,000. Bitcoin price one-week chart. Source: Finbold The veteran investor and economist, Peter Schiff, however, does not see this turn of events as particularly bullish for Bitcoin. Specifically, he described the latest rally as ‘a head fake,’ while offering a simple course of action: ‘Don’t look a gift horse in the mouth. Sell your Bitcoin now and buy gold or silver. You can thank me later.’ Should investors dump Bitcoin after it reclaimed $71,000? While Schiff is generally a precious metals bull and has been critical of Bitcoin and digital assets for over a decade, turning away from the exceedingly volatile cryptocurrency might indeed be a savvy move. In recent trading, BTC has been experiencing strong moves in either direction that appear largely affected by external events, with the ongoing war between the U.S., Israel, and Iran being the chief among them. Under the circumstances, it is difficult to see Bitcoin’s latest rally above $70,000 as a sign of a protracted uptrend, especially as it itself appears driven by external and uncertain developments. To be precise, President Donald Trump came out in vocal support of cryptocurrencies in the U.S., while pledging not to allow major banks to ‘derail’ the relevant regulation. The tailwinds from the event were amplified by the fact that, ahead of the statement, the commander-in-chief met with Coinbase’s (NASDAQ: COIN) Brian Armstrong, and that, early on March 4, Kraken became the first digital assets exchange to gain access…
Filed under: News - @ March 4, 2026 1:26 pm