- He broke the news that DJT’s stock price had increased by 50% in less than 24 hours.
- Schiff predicts that the rise might make former president Trump the wealthiest person.
After abandoning Gold, his beloved asset, for the first time, Bitcoin detractor Peter Schiff has found a new adversary for BTC. Hardline crypto critic Peter Schiff confirmed that the Truth Social SPAC (DWAC), an official business trading under the ticker DJT, founded by former US President Donald Trump, is a legitimate alternative to Bitcoin. Additionally, he broke the news that DJT’s stock price had increased by 50% in less than 24 hours.
Schiff predicts that the rise might make former president Trump the wealthiest person in the world, if not the first trillionaire in history. The crypto critic once again attacked Bitcoin, and urged his followers to hold onto the shares that had just been offered on the NASDAQ exchange rather than BTC.
Massive Surge Witnessed
The stock’s recent price increase has brought along some accompanying volatility, which temporarily halted trading for a few hours. However, trade in DJT soon resumed. Within a day, more than 6.5 million shares of Trump Media had changed hands, indicating an increase in trading activity.
Even though DJT shares were delisted from the NYSE, they are now enjoying a moment in the market. This year alone, Donald Trump has seen his net worth increase by $4 billion thanks to paper profits. At the start of trading on Tuesday, the stock may be worth $6 billion according to this assessment.
This new profit shows improvement when compared to the less than $3.5 million in sales that the firm generated in the first three quarters of 2023. The stock had a prior performance of over 35% on Monday, prior to the price rise on Tuesday.
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