Peter Schiff: "Bitcoin drops over the weekend... hints at gold's rise"

Over the weekend, Bitcoin (BTC) showed a downward trend, and Peter Schiff, a Bitcoin critic and economist, claimed that gold prices are expected to rise.

On the 23rd (local time), Peter Schiff stated via X (formerly Twitter), "Bitcoin dropped more than 4% compared to the U.S. stock market closing last Friday," adding, "Stock futures are set to open lower this Monday, while gold will open higher." He further explained, "This is because Bitcoin has a positive correlation with risk assets and a negative correlation with gold."

Previously, Bitcoin broke below $100,000 after Donald Trump, the U.S. President, announced the destruction of Iran's nuclear facilities, prompting Iran to warn of retaliation. As of 3:47 PM, Bitcoin has slightly recovered its losses and is trading at $101,751 on the Binance USDT market, down 0.94% compared to 24 hours ago.

Meanwhile, he expressed a negative view on Texas's Bitcoin reserve bill. On the 22nd (local time), Texas became the third state government to adopt Bitcoin as a reserve asset after Arizona and New Hampshire.

Peter Schiff said, "The bad news for Texas is that a bill establishing a strategic Bitcoin reserve has just been introduced." He added, "The good news is that if Bitcoin's market capitalization falls below $60 billion, the state government is legally prohibited from further purchases. Bitcoin is ultimately going to decline."