Peter Schiff Doubts Bitcoin’s Party Will Last
Renowned Bitcoin hater Peter Schiff has once again cast doubt on the cryptocurrency’s long-term sustainability. Schiff recently expressed skepticism regarding the recent Bitcoin rally that saw its market capitalization earlier reach an impressive $31,000.
According to Schiff, the current surge in BTC price is merely a temporary thing, and he believes that “the party” will soon come to an end.
Schiff’s skepticism stems from his belief that cryptocurrency lacks intrinsic value and is merely a speculative asset. As a gold bug, he advocates for investing in precious metals like gold, which he considers to be a more stable and reliable store of value.
He often points out the historical significance and enduring value of gold, contrasting it with what he perceives as the volatility and unpredictability of Bitcoin.
Bitcoin’s Advance And Peter Schiff’s Doubts
Schiff took to Twitter, stating “rallies end when the lowest quality stuff finally participates,” referring to cryptocurrencies as “lowest quality.” His comment reflects his long-standing skepticism toward Bitcoin and other digital currencies.
Until recently the rally in highly speculative assets excluded #Bitcoin . Now that Bitcoin has finally joined the party,
perhaps it’s a sign that the party will soon end. Usually rallies end when the lowest quality stuff finally participates.
There’s no lower quality than #crypto.— Peter Schiff (@PeterSchiff) June 23, 2023
The surge in Bitcoin’s value occurred shortly after US Federal Reserve Chair Jerome Powell testified before Congress about the state of monetary policy.
During his testimony, Powell mentioned that the fight against inflation “has a long way to go” and hinted that rate hikes may still be on the horizon, despite a previously agreed-upon pause earlier in the month.
Betting On Institutional Adoption And ETF Approval
Investors have been increasingly optimistic about increased institutional adoption and potential approval of a Bitcoin spot ETF (exchange-traded fund) in
near future.
Source: Coingecko
Following its recent surge, Bitcoin has experienced a slight adjustment, currently standing at $30,745.57 on CoinGecko. However, despite the correction, it still maintains a remarkable
17%
increase over the past seven days.
BTC advancing to the $31K territory. Chart : TradingView.com
In a similar vein, Ether (ETH), the second-largest cryptocurrency by market capitalization has also seen gains rising by3% and approaching
the $2k mark.
While cryptocurrencies continue their volatile journey traditional equities faced different fate At time of publication S&P500 and Nasdaq Composite indexes were both in red experiencing losses of .05% and .07%
This contrast further highlights divergence between cryptocurrency market and traditional financial markets with investors seeking different opportunities reacting to various factors.
