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Peter Schiff questions Bitcoin ETF demand and $100K BTC price target
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2024-04-16 07:04:46
Prashant Jha13 hours agoPeter Schiff questions Bitcoin ETF demand and $100K BTC price targetSchiff cited a downturn in the price of Bitcoin-linked equity markets without specifying a time frame for his shared data.20578 Total views15 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksGold proponent Peter Schiff has questioned market pundits who have set a Bitcoin price target of $100,000 in the current bull run.
Schiff also took a dig at spot Bitcoin (BTC) exchange-traded funds (ETFs) and the demand created by the products in the current market.
Schiff is a known Bitcoin critic and often questions its market value and real-world use cases. Schiff called out analysts who claimed the BTC price could surpass $100,000, boosted by the significant demand created by spot BTC ETFs.
In an April 16 X post, Schiff cited the bearish performance of some of the key Bitcoin-related equity markets, such as Coinbase, MicroStrategy, Galaxy Digital and a few other crypto-linked stocks.
He questioned why the high demand for BTC is not reflected in the stocks of companies linked to BTC.Source: Peter Schiff
Schiff said Coinbase is down 21%, Galaxy Digital is down 26%, MicroStrategy is down 33%, and several Bitcoin mining stocks are down double digits.
However, the gold proponent didn’t specify a timeline for those losses despite most Bitcoin and crypto-linked stocks outperforming traditional market stocks by a significant margin since the start of 2024.
Only in the past week have many of these stocks recorded a downturn due to bearish momentum in the crypto market.Source: Cryptofucius
The current bearish momentum in the crypto market is no big surprise either. Market analysts have explained how BTC has historically seen a pre-halving dip and picks up momentum post-halving. The Bitcoin halving is scheduled for later this week.
Related:ETH price nears 3-year lows vs. Bitcoin — Will an Ethereum ETF stem the tide?
Schiff’s dig didn’t go unnoticed, with several Bitcoin proponents responding to his post debunking his selective data. One user pointed out that MicroStrategy stocks are up 300% year-on-year (YoY).Source: hurt
A few others called him out for cherry-picking data while sharing the performance of Bitcoin alongside gold to highlight the growth difference between the two assets.
While gold has risen to new all-time highs in the second quarter of 2024, it pales in comparison to BTC’s rise over the same period. Bitcoin proponents Dan Held and Willy Woo also reminded Schiff how he missed the opportunity to buy BTC in 2013 when it was trading at around $1,000.
Magazine:Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments — Trezor CEO# Bitcoin# Gold# Bitcoin Price# Adoption# Peter Schiff# Bitcoin MiningAdd reaction