Bitcoin critic asks why Bitcoin-linked equities are down if Bitcoin is ready for $100k
Peter Schiff once again passed an indirect negative comment against Bitcoin (BTC) and raised concerns over the stability of those stock asset prices which are linked with Bitcoin heavily.
Peter Schiff is chief economic analyst. He invests in Gold & Gold ETFs but simultaneously opposes Bitcoin (BTC) & other cryptocurrencies. He believes that Bitcoin is backed by nothing & can’t be used in the practical world, while there are huge numbers of use cases for Gold.
On 16 April 2024, Peter Schiff took to X (formerly Twitter) and said that if people believe that Bitcoin is going to hit $100k soon because of the money inflow in the Bitcoin market via multiple Bitcoin spot ETF products, then why all the equities linked with bitcoin-related financial activities are down.
Indeed Peter used very recent data to show the down price of those particular stock assets of crypto & blockchain companies. These days the stock price of companies faced significant correction because of the war efforts between Israel & Iran.
Even a less volatile money market over crypto i.e. stock market is also down enough. We can see that recently the trade price of the top luxurious smartphone manufacturing company Apple stock faced a sudden correction.
Many Bitcoin supporters noted that the US global economist used a partial factor to ditch Bitcoin over Gold, which is a usual job for him.
In another tweet, Peter dismissed the role of Bitcoin as a “Digital Gold” and said that people need to understand that Bitcoin is not a digital Gold because Bitcoin spot ETF products are down but at the same time Gold is 1.5% high with all-time high price.
Earlier this, Peter claimed that Bitcoin spot ETF products are going to put a very big sell pressure on the Bitcoin market and in this situation bankruptcy of Bitcoin holder firm Microstrategy (MSTR) will be a possible.
Read also: Hong Kong Approves BTC & ETH Spot ETFs, But Not Yet Launched; Expert Says Don’t Expect Much
