Renowned economist Peter Schiff linked Bitcoin’s (CRYPTO: BTC) recovery rally to former President Donald Trump’s sons making a “vague” cryptocurrency announcement. He suggested his followers sell the apex cryptocurrency on this upward move.

What Happened: On Thursday, Schiff took to X to comment on the recent market trends. He noted a significant recovery in assets that suffered during Monday’s sell-offs, with Bitcoin making an even larger leap.

Schiff attributed King Crypto’s surge to a potential boost from the Trump sons’ vague promise of a major pro-cryptocurrency announcement. He ended the post by advising to “sell Bitcoin into the rally,” in stark contrast to the HODL narrative pushed by maximalists.

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His observations were not well received by Bitcoin supporters, with one user, Brooklyn, saying, “BTC did not rise because of the Trump sons. Come on Peter, at least make serious arguments.”

Why It Matters: Schiff’s post came after Bitcoin rallied sharply Thursday, erasing losses from Monday’s free fall.

Cryptic social posts by Donald Trump Jr. and Eric Trump have been a topic of speculation in the cryptocurrency space. The two have dropped hints about a significant announcement related to cryptocurrency and decentralized finance (DeFi).

However, the family cautioned against falling victim to fake tokens, and stated that any official announcement would come directly from them.

Price Action: At the time of writing, Bitcoin was exchanging hands at $61,293.63, up 6.53% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Wikimedia Commons

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.