- Industry critic Peter Schiff is still on his no-Bitcoin campaign.
- Schiff has condemned Donald Trump’s crypto mission.
- Bitcoin, however, continues to defy naysayers.
The last few weeks in the crypto market have been all about Bitcoin (BTC), as the crypto king continues its meteoric rise, shattering records and reaching new heights. The impressive performance has brought a fresh wave of investor enthusiasm, reaffirming confidence in BTC’s dominance and potential.
Yet, long-standing naysayers remain unconvinced despite the crypto giant’s undeniable momentum.
BTC Critic Peter Schiff Goes Off, Again
Peter Schiff, a staunch gold advocate and vocal industry critic, has once again ridiculed Bitcoin, continuing his years-long campaign against the largest crypto asset.
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Despite Bitcoin’s ongoing positive performance, Schiff dismisses its potential, calling the token a ‘pretend asset.’ According to him, BTC’s value is largely an illusion, fueled by ‘HODLers’ who refuse to sell and are simply “pretending to be rich.”
The gold champion, however, did not stop at critiquing Bitcoin itself. Schiff went further to take a shot at President-elect Donald Trump’s crypto embrace, criticizing his plan to leverage Bitcoin to clear the United States’ national debt as impractical.
Schiff’s latest comments are consistent with his long-standing argument that Bitcoin has no real value. He describes it as a bubble driven by the “greater fool theory.” Despite his skepticism, the ongoing BTC rally significantly defies his narrative.
Bitcoin’s Fresh ATH Defies Naysayers
Bitcoin, trading just above $93,500 at press time, has been on a remarkable run in recent weeks. Its present valuation marks the first time the token has surpassed the $90,000 level in history, bringing it closer to the long-coveted $100,000 mark.
Despite occasional corrections, BTC’s overall performance has been largely positive, with gains over the past 30 days surpassing 36%.
The stellar performance has also propelled the token to the top of global asset rankings, recently flipping silver to become the world’s eighth-largest asset by market capitalization. Market optimism remains strong for the crypto giant to maintain its upward trajectory, with many betting that the current momentum will usher in the long-awaited bull run.
On the Flipside
- There has been speculation for years that Schiff is a ‘secret Bitcoiner.’
- Unfazed by skepticism, several major institutions are loading up on Bitcoin.
Why This Matters
Peter Schiff has earned a reputation as one of Bitcoin’s most vocal critics. However, his negative stance has not directly impacted the token or the broader market, and BTC’s performance, despite his skepticism, highlights its resilience and market dominance.
Find out more about Peter Schiff’s Bitcoin criticism in this piece:
Bitcoin’s $82K Peak Has Schiff Hawking His Ordinals, Again
Read this article to learn more about Donald Trump’s crypto mission:
Trump’s Crypto Plans Hit Ground Running with Coinbase Link-Up
