Gold advocate Peter Schiff challenges the predictions of some market analysts who believe Bitcoin’s price will reach $100,000 during this current market surge.
Schiff criticized the impact of Bitcoin ETFs on the market and the resulting demand they generate.
Known for his criticism towards Bitcoin, Schiff frequently voiced doubts about its worth and practical applications in the market. In contrast to the current bull market surge, he challenged analysts’ predictions that Bitcoin’s price would exceed $100,000, attributing this potential increase mainly to the strong demand generated by approved spot Bitcoin ETFs.
On April 16, Schiff mentioned in a blog post how poorly some major cryptocurrency company stocks like Coinbase, MicroStrategy, Galaxy Digital, and a few more had been doing – indicating a bearish outlook for Bitcoin.
Why isn’t the significant demand for Bitcoin seen in the stocks of companies associated with it?
Schiff noted that Coinbase experienced a 21% decrease, Galaxy Digital suffered a loss of 26%, MicroStrategy took a hit with a 33% drop, and various Bitcoin mining companies witnessed declines in the double digits. (Or) Schiff pointed out that Coinbase fell by 21%, Galaxy Digital saw a decline of 26%, MicroStrategy suffered a loss of 33%, and numerous Bitcoin mining stocks experienced double-digit percentage drops.
Yet, the supporter of gold failed to provide a timeframe for potential losses. This detail matters as many Bitcoin and cryptocurrency stock investments have exceeded the returns of conventional stock market investments by a considerable amount since the beginning of 2024.
Over the last week, these stocks have experienced a drop in value because of the negative trend in the cryptocurrency market.
It’s not unexpected that the crypto market is currently experiencing a downturn, as bitcoin’s historical pattern shows a price dip prior to each halving event. This upcoming halving for Bitcoin is set to occur later this week.
Several Bitcoin supporters took notice of Schiff’s critique and countered his use of selective data by highlighting the impressive 300% year-on-year growth of MicroStrategy’s stock value.
Some people criticized him for focusing only on favorable data when he compared the growth of Bitcoin with gold by presenting their individual performances side by side.
In the second quarter of 2024, gold reached new record highs. However, this achievement is overshadowed by Bitcoin’s significant increase during the same period. Notably, Bitcoin advocates Dan Held and Willy Woo pointed out to Schiff that he missed the chance to purchase Bitcoin back in 2013 when its price was around $1,000.
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2024-04-16 13:32