Schiff Blasts Bitcoin Promoters as Prices Surge Past $88K
Key Insights:
- Bitcoin hits all-time high of $88K, up 120% this year amid favorable U.S. crypto policy.
- Peter Schiff criticizes Trumps pro-Bitcoin stance as a strategy for votes and funding.
- Global retail interest in Bitcoin spikes, driving a bullish market trend and investor confidence.
Bitcoin has been making global financial headlines after reaching an all time high of $88,000. BTC has been gaining new highs everyday with the latest price representing 120% in the past year. Industry experts have credited this rise to U.S President-elect Donald Trumps pro-cryptocurrency attitude and a congress thats favourable to digital assets..
Schiffs Critique on Bitcoin and its advocates
Peter Schiff, the Chief Economist at Euro Pacific Asset Management Company and a harsh critic of Bitcoin, challenged Trump on the turn that he had made on the cryptocurrency. According to Schiff, Trump only wanted to garner the support of the cryptocurrency community to gain more votes and funding through donations.
He also pointed out that bitcoin was not a threat to the U.S dollar as Trump had suggested before his bid for presidential elections. On his part, Schiff notes that the major threat to the U.S dollars is fiscal recklessness.. He also notes that Bitcoin poses a threat only to those who hold the currency or invest in bitcoin-related enterprises.
Crypto Community reacts to Schiff BTC Bubble Sentiment and Impact of the Bullish Trend
The internet users had mixed opinions on Schiffs statement. Some users stated that Trumps reassessment was positive and that he had adjusted to the changes in the cryptocurrency market. However, some of Schiffs views were supported by other users who compared the increase in BTC value to a bubble that is set to burst. Schiff adds that BTC represents the worlds largest economic bubble and its collapse would have global impact.
BTC supporters remain unmoved and still believe in the bullish run for the cryptocurrency in future. Hunter Horsley, the Chief Executive Officer of Bitwise Asset Management compared the reflexivity of Bitcoin to traditional equities. He noted that unlike conventional stock, the rise in price of BTC increases the confidence of investors which creates more demand. Horsley further remarked that through increase in value, more people consider BTC as a long term investment.
Surge in Investors confidence and retail interest in BTC
Market trends indicate a rise in the retail demand and institutional investment in Bitcoin. Global retail interest in BTC has risen based on the searches made on the internet related to the cryptocurrency. This bullish activity on Bitcoin comes after a period of relative inactivity which suggests a new phase in the growth of BTC.
For now, it seems that BTC will continue with its upward trend in value. The increase in the level of confidence from investors and enhanced political environment suggest further gains for the cryptocurrency. means that there will be further improvement. Whether the rise in demand and value of BTC can be sustained is yet to be discovered although the growth has attracted global interest.
Read more: https://www.tronweekly.com/schiff-blasts-bitcoin-promoters-as-prices-surge/
Text source: TronWeekly
