Bitcoin’s (BTC) fresh bull run this week is down to speculators betting on Chinese economic upheaval, not Chinese upheaval itself, Peter Schiff claims.
Schiff: Speculators buying Bitcoin to speculate
In a tweet Aug. 5, the veteran gold bug and well-known Bitcoin naysayer claimed that current events impacting the Chinese economy did not cause fresh interest in Bitcoin.
“The Chinese aren't buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!” he wrote.
As Cointelegraph reported, BTC/USD has shot up over the past 24 hours, with many commentators eyeing a fall in the Chinese yuan as a major catalyst.
For Schiff, however, those events simply provided speculative traders with another outlet for squeezing markets and introducing more volatility.
He framed his remarks as an attack on CNBC, which he claimed spent a disproportionate amount of time on Bitcoin’s movements at the expense of assets such as gold.