NEWS : Bitcoin Critic Peter Schiff Explains Why BTC Just Rallied to $28,000: Peter Schiff, a well-known critic of Bitcoin, has voiced his doubts on the recent Bitcoin rally that catapulted the cryptocurrency's value to $28,000… #Bitcoin #Crypto #Nft https://t.co/xjoj0AeURu pic.twitter.com/Gs82bXDajT
— SYSOP.ai (@sysopai) June 20, 2023
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Bitcoin (BTC): Peter Schiff skeptical of recent rally
Thu 22 Jun 2023 ▪
3
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Getting informed
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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.
![A bitcoin and an arrow symbolizing the rise](https://www.cointribune.com/app/uploads/2023/06/Bitcoin-8-1024x683.png)
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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Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.
DISCLAIMER
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.