Famous bitcoin hater Peter Schiff has once again questioned the long-term sustainability of cryptocurrencies. Schiff expressed skepticism about the recent Bitcoin rally, which saw the market cap reach $31,000.
According to Schiff, he believes that the current surge in BTC price is only temporary and that the “party” will be over soon.
Schiff’s skepticism stems from his belief that cryptocurrencies have no intrinsic value and are merely speculative assets. As a gold bug, he advocates investing in precious metals like gold, believing gold to be a more stable and reliable store of value.
He often points to gold’s historical importance and enduring value, contrasting what he sees as Bitcoin’s volatility and unpredictability.
The Advancement of Bitcoin and the Doubt of Peter Schiff
Schiff recently took to Twitter to express his doubts about the sustainability of the recent BTC rally. in his tweet, Schiff referred to cryptocurrencies as the “lowest quality” assets, saying “the rally ends when the lowest quality stuff finally gets involved”. His remarks reflect his longstanding skepticism towards Bitcoin and other digital currencies.
Excluding highly speculative asset rallies until recently #Bitcoin. Now that Bitcoin has finally joined the party, it’s probably a sign that the party is about to end. Usually a rally ends when the lowest quality stuff finally joins. There is no lower quality than this #cryptocurrency.
— Peter Schiff (@PeterSchiff) June 23, 2023
Bitcoin’s surge in value occurred right after the chairman of the US Federal Reserve, Jerome Powell. testify before Congress About the state of monetary policy.
In his testimony, Powell said the fight against inflation had “a long way to go” and hinted that rate hikes may still be on the horizon despite a previously agreed halt earlier this month.
Powell’s remarks created uncertainty in the market and investors sought alternative investment opportunities, including BTC.
Betting on Institutional Adoption and ETF Approval
Investors are concerned about the prospect of increased institutional adoption and Potential Approval of Bitcoin Spot ETFs (exchange traded funds) in the near future.
Several major players in the financial industry, such as BlackRock, Bitwise, and WisdomTree, recently submitted applications for Bitcoin ETFs. Anticipation of these developments has contributed to positive sentiment and upward momentum in the Bitcoin market.
After the recent surge, Bitcoin has experienced a slight correction and is currently at $30,745.57. coin gecko. But even with the adjustment, it’s still holding on to an astounding 17% increase over the past 7 days.
BTC advancing to the $31K territory. Chart: TradingView.com
In a similar vein, Ether (ETH), the second-largest cryptocurrency by market cap, gained 3% to close to $2,000.
While cryptocurrencies continued their volatile journey, traditional stocks faced a different fate. At the time of publication, the S&P 500 and Nasdaq Composite Index Both were in the red, experiencing losses of 0.5% and 0.7% respectively.
This contrast further highlights the difference between crypto markets and traditional financial markets, where investors look for different opportunities and respond to different factors.
Featured image by Reuters/Rick Wilking
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