Considering the recent Bitcoin rally, American stockbroker and financial commentator Peter Schiff thinks that this may just be “another classic pump-and-dump” cycle.
Bitcoin Rally Drawing New Speculations
Earlier on Monday, the price of Bitcoin blew past the $50,000 threshold, marking the highest level the coin has reached in the last three years.
The surge triggered a frenzy in the market as investors began to camp around the coin. Much of the rise was attributed to the massive inflows into the spot Bitcoin ETF market over the past week summing up to $1.1 billion.
While every other person seems excited by the Bitcoin rally, Schiff regards the move as one of those sentiments that are rather momentary. Specifically, he called it “another classic pump and dump,” suggesting that the price surge is a manipulation scam waiting to happen.
Peter Schiff opines that it is just a tactic to attract more buyers and then sell the overpriced asset at a profit, triggering a price crash.
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