Peter Schiff called Bitcoin’s move above $72,000 a fakeout, arguing that a return to looser monetary conditions favors gold rather than Bitcoin. He urged investors to "Sell Bitcoin, buy gold" after the Treasury’s buyback announcement surprised markets. Bitcoin nevertheless gained 10% over the past 24 hours, compared with gold’s 4% rise. Analyst Adam Livingston said Bitcoin priced against SPDR Gold Shares (NASDAQ:GLD) had risen 34.8% from its Feb. 28 low and that a return to the October ratio could imply roughly 96% upside, pointing to a potential Bitcoin price of $140,000. CoinDesk attributed the breakout to six weeks of trading between $62,000 and $66,900, heavy short positioning, at least $4 billion of planned long-dated Treasury buybacks and the liquidation of about $3 billion in shorts. President Donald Trump’s comments supporting the Clarity Act and suggesting the US may buy sizable amounts of Bitcoin added further momentum. Bitcoin is up 14% in August, on course for its first positive August since 2021, and 23% in the quarter, its first quarterly gain since Q3 2025. The Fear and Greed index rose from 41 to 62, while daily Bitcoin trading volume jumped 250% to $59 billion.