Peter Schiff on Bitcoin ETF Demand and $100K BTC Target
2 min read
Peter Schiff on Bitcoin ETF Demand and $100K BTC Target
Peter Schiff, a proponent of gold, has expressed doubts about market analysts who are setting a Bitcoin price target of $100,000 for this bull run. He also criticized spot Bitcoin exchange-traded funds (ETFs) and the demand they have generated in the current market. Schiff has been a vocal critic of Bitcoin and regularly questions its value and real-world applications. During the ongoing bull run, Schiff called out analysts who claimed that the price of BTC could exceed $100,000 due to the significant demand generated by spot BTC ETFs.
In a recent post, Schiff highlighted the bearish performance of key Bitcoin-related equity markets, including Coinbase, MicroStrategy, and Galaxy Digital, along with other crypto-linked stocks. He raised the question of why the high demand for BTC is not reflected in the stocks of companies associated with BTC. Schiff pointed out that Coinbase is down 21%, Galaxy Digital is down 26%, MicroStrategy is down 33%, and several Bitcoin mining stocks have experienced double-digit losses. He did not specify the timeline for these losses, which is important considering that most Bitcoin and crypto-linked stocks have outperformed traditional stocks since the beginning of 2024. Only in the past week have these stocks experienced a downturn due to the bearish momentum in the crypto market.
The current bearish momentum in the crypto market is not surprising, as market analysts have explained that BTC has historically experienced a dip before halving and then picks up momentum in terms of price. The Bitcoin halving is scheduled for later this week. Schiff’s criticism caught the attention of several Bitcoin proponents who responded to his post by debunking his selective use of data. One user pointed out that MicroStrategy stocks are up 300% year-on-year (YoY), while others accused him of cherry-picking data by comparing the performance of Bitcoin and gold to highlight the difference in growth between the two assets. Gold has reached new all-time highs in the second quarter of 2024 but still cannot compete with BTC’s rise over the same period. Bitcoin proponents Dan Held and Willy Woo also reminded Schiff of how he missed the opportunity to buy BTC in 2013 when it was trading at around $1,000.
Peter Schiff just can’t seem to accept the fact that Bitcoin has real value. He’s been bashing it for so long, it’s getting old.
😒 Another day, another baseless claim from Schiff. Just because Bitcoin-related stocks have experienced losses recently doesn’t mean they’re not valuable in the long run.
Everyone has their own opinions on Bitcoin, and Schiff is no exception. It’s what makes the market dynamic and interesting!
🤦♂️ Can someone please make Schiff understand that the demand for BTC ETFs is just a reflection of the growing interest in Bitcoin? It’s not a bad thing for the market!
Bitcoin proponents are quick to defend their favorite asset, and the debate is definitely heating up! 🔥
Schiff’s criticism raises important questions about the correlation between Bitcoin and related stocks. It’s a complex relationship to unravel.
🤦♀️ I’m tired of Schiff dismissing Bitcoin’s potential. His claims about its lack of real-world applications are getting old and irrelevant.
The ongoing bull run has certainly brought out differing opinions, and Schiff’s criticisms are just a part of the discussion.
I appreciate Schiff’s skepticism, but let’s not forget the potential of Bitcoin and its disruptive nature. 🚀
How many times does Schiff need to be proven wrong before he’ll finally accept that Bitcoin has value? It’s high time he reassesses his opinions.