Bitcoin (BTC): Peter Schiff skeptical of recent rally
After plummeting to $25,000, the Bitcoin price is skyrocketing. Many see this dynamic as a positive development. However, Peter Schiff disagrees. The investor criticizes the skyrocketing price of the flagship cryptocurrency. He believes the trend will only last for a short time.
Peter Schiff doubts the sustainability of Bitcoin’s recent surge
On Sunday, June 11, the price of Bitcoin (BTC) plummeted to $25,000. Less than two weeks later, it is once again on an upward trend, currently valued at $28,764 at the time of writing.
As usual, crypto critic Peter Schiff has commented on this latest price surge. This latest surge is not insignificant, as the investor attributes it to a combination of circumstances linked to the financial market.
Indeed, Peter Schiff explains the BTC price rally by the launch of the EDX exchange. The platform trades in BTC and ETH, among others. EDX is said to be backed by Wall Street behemoths such as Charles Schwab, Fidelity Digital Assets and Citadel Securities.
The sudden surge in the price of Bitcoin is due to these institutions promoting EDX as meeting the requirements of conservative and risk-averse investors who are reluctant to venture into such a volatile market.
Peter Schiff’s opinion suggests that a number of institutional investors are showing interest in the Bitcoin market. However, the critic does not believe that this trend will be sustained in the long run.
He believes it will fade after a while. Among other reasons, this flagship crypto is fundamentally worthless, making it highly dependent on speculative market dynamics.
It cannot be denied that the crypto market is highly speculative and volatile. However, one can also see the change in perspective of institutional investors towards cryptocurrencies as favorable for their adoption.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.