Known critic of Bitcoin, Peter Schiff, has contradicted arguments suggesting a significant inflow of funds from Wall Street investors into the Bitcoin market.
Peter Schiff counter-criticism
In response to Anthony Pompliano’s comments during a CNBC Squawk Box interview about new investments flowing into Bitcoin primarily from Wall Street, Peter Schiff countered that, in fact, many American investors are planning to sell their Bitcoin holdings instead.
After the SEC approved the listing of spot Bitcoin ETFs in the US in January, there has been a substantial increase in investments flowing into this sector. Major players like BlackRock, Fidelity Investments, and Bitwise have been among the primary recipients of these funds, as they offer ETF products tied to Bitcoin.
According to Pompliano, the current trend is likely to persist for some time. However, Peter Schiff takes a more pessimistic view. He thinks Wall Street investors might soon start selling off their holdings. Schiff warns that this could lead to a market crash due to significant selling from corporate investors.
My nephew Anthony Pompliano recently shared on CNBC that dedicated Bitcoin investors have already maxed out their investments, implying that any fresh funds entering the market will likely originate from Wall Street. In my opinion, however, major financial institutions may soon start offloading their Bitcoin holdings. This could potentially trigger a Bitcoin price downturn. Brace yourselves, #HODLers!
— Peter Schiff (@PeterSchiff) April 17, 2024
Criticizing Bitcoin’s value, Schiff firmly believes that the price will reach zero at some point in time.
Odds say otherwise
In contrast to the views of Peter Schiff and other notable Bitcoin skeptics, some believe that the upcoming halving event is a sign that the price of Bitcoin will continue to rise. This is due to the fact that the rewards for mining new blocks, which is how new Bitcoins are created, will be cut in half. As a result, scarcity is expected to increase significantly.
Since its beginning, Bitcoin ETF providers have been buying up thousands of Bitcoins each day, fueling a demand that could significantly increase Bitcoin’s value over time. With ongoing market and technological progress, some experts anticipate a high price projection for Bitcoin in the future.
Top analyst Willy Woo recently made a bullish prediction, estimating that the value of the coin could reach as high as $650,000 in the future.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- MNT PREDICTION. MNT cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- GLM PREDICTION. GLM cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- USD MYR PREDICTION
- USD JPY PREDICTION
- EUR PLN PREDICTION
2024-04-17 18:37