Gold Enthusiast Peter Schiff Challenges Predictions of $100,000 Bitcoin Bull Run
Summary:
Peter Schiff, a known gold enthusiast and Bitcoin critic, is questioning analysts' claims that Bitcoin's price might exceed $100,000 in the current bull run, citing the falling performance of Bitcoin-linked stocks. Schiff didn't provide a timeline for these drops, and his comments sparked responses from Bitcoin supporters highlighting the significant growth and outperformance of Bitcoin-related stocks since 2024. Despite a recent downturn, much of this was expected due to historical trends of a pre-halving dip in Bitcoin price.
Prominent gold supporter Peter Schiff has cast doubt on market experts predicting that Bitcoin (BTC) will reach $100,000 in its current bull run. Schiff also criticized spot Bitcoin exchange-traded funds (ETFs) and the surge in demand they bring to the market. Schiff, a well-known Bitcoin sceptic, routinely challenges its market value and practical applications. Amid the current bull run, Schiff targetted analysts who suggested the BTC price might top $100,000, propelled by the substantial demand stirred up by spot BTC ETFs. In a post dated April 16, Schiff highlighted the poor performance of several key players in the Bitcoin-linked equity markets, including Coinbase, MicroStrategy, and Galaxy Digital, among other crypto-related stocks. He queried why this purported high BTC demand isn't mirrored in the share prices of the companies associated with BTC.
Schiff noted that Coinbase is down 21%, Galaxy Digital has fallen 26%, MicroStrategy has dropped 33%, and a number of Bitcoin mining stocks have experienced double-digit decreases. However, Schiff did not provide a specific timeframe for these reductions. This is notable as since the beginning of 2024, most Bitcoin and crypto-related stocks have significantly outperformed their conventional market counterparts. Only in the past week have these stocks seen a decline due to a downturn in the crypto market.
This downturn in the crypto market is to be expected. Market experts have indicated that BTC has historically experienced a slight decrease before a halving event and tends to pick up in price after the halving. The Bitcoin halving is set to occur later this week.
Schiff's potshots did not go unnoticed, with numerous Bitcoin supporters rebutting his assertions and selective data usage. One user highlighted that MicroStrategy stocks had rose by 300% year-on-year.
Some criticized him for cherry-picking data and compared Bitcoin's performance to gold to demonstrate the distinct growth rates between the two. While gold did reach record highs in the second quarter of 2024, it's climb pales in comparison to BTC's surge during the same period. Bitcoin supporters Dan Held and Willy Woo also reminded Schiff of his missed opportunity to purchase BTC in 2013 when it was trading at about $1,000.
Published At
4/16/2024 1:20:46 PM
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