Peter Schiff, CEO of Euro Pacific Capital and a long-standing Bitcoin critic, says Bitcoin’s move above $72,000 is a temporary fakeout driven by liquidity from the U.S. Treasury’s expanded buyback program rather than genuine demand. The program repurchases outstanding government bonds to improve market liquidity and stabilize bond prices, potentially encouraging risk-on sentiment across cryptocurrencies. Schiff argues the effect could fade and push Bitcoin lower. His view reflects his long-standing belief that Bitcoin lacks intrinsic value and is driven mainly by speculation and liquidity, while gold offers a more stable store of value and an inflation hedge. Gold and Bitcoin have both drawn strong institutional and retail interest, but Schiff considers Bitcoin’s volatility and lack of tangible utility inferior to physical gold. Bitcoin supporters counter that its limited supply and growing adoption could help it outperform gold in the digital age. The contrasting performance of relatively stable gold prices and Bitcoin’s sharp fluctuations has reinforced Schiff’s argument, although his position remains one view in a speculative market. Investors are advised to assess policy effects, market sentiment, broader economic trends, personal risk tolerance and diversification as the relatively new Treasury program’s impact continues to unfold.