Peter Schiff explains how Elon Musk pushed bitcoin to $70,000 with a single photo.

Peter Schiff admits that Elon Musk played a huge role in bitcoin’s rise to nearly $70,000 by 2021. In 2020, when Bitcoin was trading around $10,000, Elon Musk posted a silly tweet that highlighted one man’s inability to choose whether or not to invest in a cheap cryptocurrency.

That’s the same image you used in Feb of 2020 regarding you dilemma with #Bitcoin. That helped send the price of Bitcoin from just under $10K to almost $70K. Kind of ironic that you would use it again, as Bitcoin is poised to crash back below $10K.

– Peter Schiff (@PeterSchiff) November 21, 2022

Peter Schiff revealed that he remains amused after seeing Elon Musk post the same image when bitcoin was at $10,000 and now, when the first crypto currency is struggling to maintain a support level at $16,000. In the event of a breakout, the first crypto-currency will go into a free fall, given the lack of technical support levels until $12,220.

Peter Schiff is very critical of bitcoin’s performance, unlike gold, BTC has struggled to maintain positive momentum in the market and recently returned to the 2022 low price level.

Peter Schiff once again stated his position on Bitcoin on his official Twitter account, claiming that the first crypto-currency is doomed to fail, given its lack of intrinsic value and real-world use. However, he believes that digital assets like Ethereum, which have their own ecosystem behind them, could win out and make it in the market.

The supply of #CryptoCurrencies is soaring as demand for #cryptos is collapsing. Over the past year the supply of cryptos grew by around 50% to almost 22,000. But during that same time period the combined market capitalization fell by about 73%. #Bitcoin mania is over. Buy #gold.

– Peter Schiff (@PeterSchiff) November 20, 2022

Prior to highlighting Elon Musk’s tweet, Peter Schiff was actively promoting gold’s most recent market rally. Unfortunately, after November 16, the precious metal entered a reversal phase, losing more than 2% of its value over the past few days. However, the technical outlook suggests that the rally is far from over, and gold could continue its upward movement after a minor correction.