Peter Schiff, a prominent advocate for gold, has once again raised doubts about the optimistic predictions surrounding Bitcoin. Specifically, he’s targeting those who confidently project Bitcoin’s price to hit $100,000 during this bullish cycle.
Schiff, known for his skepticism towards Bitcoin and its practical applications, didn’t hesitate to take a jab at the burgeoning demand fueled by spot Bitcoin exchange-traded funds (ETFs).
In a recent post shared on April 16, Schiff pointed out the bearish performance of key Bitcoin-related equities, including Coinbase, MicroStrategy, and Galaxy Digital, among others. This led him to question why the supposed surge in demand for Bitcoin isn’t reflected in the stock prices of companies associated with the cryptocurrency.Â
Schiff’s scrutiny of Bitcoin’s value proposition amidst its ongoing rally highlights his ongoing skepticism, even as others tout lofty price targets and the influence of new investment vehicles like spot BTC ETFs.
Schiff pointed out declines in Coinbase by 21%, Galaxy Digital by 26%, and MicroStrategy by 33%, alongside various Bitcoin mining stocks experiencing double-digit drops.
However, he omitted the timeframe for these declines. These losses occurred recently, amid a broader trend of crypto stocks outperforming traditional ones since the beginning of 2024.Â
Schiff’s dig didn’t go unnoticed, with several Bitcoin proponents responding to his post debunking his selective data. Bitcoin proponents Dan Held and Willy Woo also reminded Schiff how he missed the opportunity to buy BTC in 2013 when it was trading at around $1,000.
This downturn aligns with historical patterns, as Bitcoin typically experiences a dip before its halving event, which will occur later this week. Analysts anticipate a rebound in Bitcoin’s price momentum post-halving, a pattern observed in previous cycles.
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