- Peter Schiff called Bitcoin’s rally “hype” and urged selling BTC to buy Gold.
- Bitcoin briefly crossed $94,000 and was trading around $93,200 at the time of reporting.
- Arthur Hayes argued U.S. control of Venezuelan oil could keep fuel prices low and ease inflationary pressure, which he says helps crypto markets.
- James van Straten agreed that low oil could limit long-term yields and reduce macro headwinds for Bitcoin.
- Reports suggest Venezuela may hold about $60 billion in Bitcoin, prompting speculation over potential seizure or loss of those funds.
Peter Schiff warned investors to sell Bitcoin and buy gold, calling the recent rally tied to Venezuela developments “hype” in a public post, as Bitcoin tested $94,000 and traded near $93,200. Read Peter Schiff’s post for his comment. Gold was trading near $4,400 per ounce while the SPDR Gold Shares ETF (GLD) showed mixed session moves.
Arthur Hayes wrote that U.S. efforts to control Venezuela’s oil supply could be positive for cryptocurrencies because cheaper gasoline would reduce voter pressure over fuel costs. See Arthur Hayes’ Substack post for his full argument. He said lower gas prices let politicians expand spending and money creation without triggering strong inflationary backlash.
CoinDesk analyst James van Straten shared a similar view, noting that low oil could contain inflation and the long end of the yield curve. Read James van Straten’s post; he wrote, “Oil staying low will contain inflation and the long end of the yield curve,” and added that a higher-spending policy could run briefly without inflation rising.
Oil prices were modestly lower, with WTI Crude Oil near $58.21 per barrel and Brent Crude around $61 per barrel. The United States Oil Fund (USO) had small after-hours changes following regular-session gains.
Separately, reports indicate Venezuela may hold roughly $60 billion in Bitcoin tied to alleged asset transfers under former president Nicolas Maduro. Read the reporting here: reports and further detail from Whale Hunting. Traders are now debating whether those holdings are lost or could be seized, as noted by speculative posts.
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