Peter Schiff, a well-known gold advocate and economist, has expressed skepticism towards Bitcoin‘s recent price surge. He made a remark about it in X, sharing his doubts.
Bitcoin‘s (BTC) market-leading position saw it reach an all-time high of $72,000 for the first time since March mid-point, as the upcoming halving event drew nearer. This scheduled event, set for April 20th, will decrease the number of Bitcoins miners receive as rewards from 6.25 to 3.125 coins.
Overnight, it seems that the value of #Bitcoin increased significantly due to the surge in new record-high prices of #gold. This may have attracted unsuspecting investors in Bitcoin ETFs to buy, only to potentially face a large price drop later.
— Peter Schiff (@PeterSchiff) April 8, 2024
When Bitcoin’s price suddenly rises, there’s palpable enthusiasm and buzz within the cryptocurrency world, filled with anticipation and debate.
Despite Schiff’s skepticism, Bitcoin’s price surge has been fueled by the recent jump in gold prices to new records. He described it as a sudden increase driven by speculation among investors in Bitcoin ETFs, who bought in during the price rise.
Schiff, who is well-known for his harsh criticism towards Bitcoin and his affinity for conventional investments such as gold, has consistently spoken out against the top cryptocurrency. Consequently, it’s not shocking that he expressed his viewpoint regarding the recent surge in BTC‘s price.
In simpler terms, Schiff cautioned Bitcoin investors, predicting a price drop after a notable increase in value.
In spite of Schiff’s alleged caution, there are still many people who believe in the promising future of the cryptocurrency market.
According to Brad Garlinghouse, the CEO of Ripple, the overall worth of the cryptocurrency market is anticipated to be twice its current value by the end of this year. He attributes this projection to the debut of the first Bitcoin ETF approved in the US and the upcoming “halving” event for Bitcoin.
According to Garlinghouse’s perspective, favorable regulatory developments in the US could propel the crypto market to unprecedented heights. In the past year, Bitcoin has experienced a remarkable surge of over 140%. On March 14th, it set a new record high on Coinbase, hitting $73,835.
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2024-04-08 19:05