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Peter Schiff Proclaims Bitcoin ‘Dead’ Despite High Trading Levels
Renowned financial expert Peter Schiff once again shook the cryptocurrency market by declaring Bitcoin (BTC) ‘dead’, even though it is trading near record highs. Schiff, known for his bearish views on cryptocurrencies, based his latest comments on BTC’s recent performance against silver, highlighting a stark contrast.
Peter Schiff criticizes the comparison of Bitcoin to gold
Schiff points out that since April, Bitcoin’s 2% gain is insignificant compared to silverincrease of 21%. He argues that this underperformance is a sign of Bitcoin’s imminent demise. Meanwhile, Bitcoin proponents counter that Schiff selectively uses short-term data to support his narrative. Over the course of the year, BTC is up nearly 60%, while silver has seen a more modest YTD gain of 14.46%. This juxtaposition fuels ongoing debates between advocates of traditional assets and digital currencies.
Further elaborating on his position, Schiff expressed concern that Bitcoin is often marketed as a digital equivalent of gold. He stated that he intends to correct what he considers a mistake to prevent potential investors from making what he considers a serious mistake.
Schiff argues that if Bitcoin enthusiasts stopped comparing it to gold, he would no longer feel compelled to criticize it so publicly. Despite accusations of publicity-seeking, Schiff maintains that his criticisms stem from a genuine concern for investors’ well-being, emphasizing that he would rather maintain his integrity than seek engagement through praise of BTC.
Peter Brandt counters Schiff’s skepticism about BTC
In contrast, the veteran trader Pedro Brandt suggests that the public should disregard Schiff’s pessimistic views on Bitcoin. Brandt accuses Schiff of leveraging his platform to emphasize silver’s performance, which he believes is an attempt to divert attention from Bitcoin’s successes.
Brandt posits that, despite his criticisms, Schiff recognizes the value of cryptocurrencies, but shows a preference for promoting silver, a market with which he is traditionally more aligned. Meanwhile, Schiff continues to warn investors about the risks of Bitcoin, labeling it as speculative and devoid of intrinsic value.
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