Peter Schiff: Donald Trump Jr.'s Crypto Comments May Boost Bitcoin Rally

Peter Schiff: Donald Trump Jr.'s Crypto Comments May Boost Bitcoin Rally

Peter Schiff, CEO of Euro Pacific Capital and a prominent gold advocate and Bitcoin skeptic, took to Twitter on Monday to suggest that comments from former U.S. President Donald Trump's son, Donald Trump Jr., may have contributed to the recent rally in Bitcoin and other risk assets. Trump Jr. had tweeted on Sunday that he was "taking a serious look" at investing in cryptocurrency and that he believed it had the potential to be "a major disruptor" in the financial world. Schiff, who has been a vocal critic of Bitcoin in the past, said that Trump Jr.'s comments "might have contributed to the bounce in bitcoin and probably most other risk assets." "Most risk assets that sold off heavily have rallied in unison and bitcoin has rallied the most to resume its parabolic advance. Time to sell into this strength," he added. It is worth noting that Schiff is known for his bearish views on Bitcoin and cryptocurrencies in general, and his comments should be taken with a grain of salt. However, it is also true that Trump Jr.'s comments have been seen as a sign of growing mainstream acceptance of cryptocurrencies, which could provide a boost to the market. Only time will tell whether Schiff's prediction that it is time to sell Bitcoin will come to pass.