2024

Bitcoin

A well-known critic of Bitcoin (BTC), Peter Schiff, has recently stepped up his criticism of the market dynamics of the cryptocurrency, focusing in particular on the story of institutional demand.
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> pumpers blame the decline on Mt. Gox repayment related sales. While this is part of the story, the rest is that the selloff exposes the myth of institutional demand. If such demand really did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off market.— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1809584623220900102?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 6, 2024</a>
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On the X, Schiff emphasized that the current sell-off showed what he called the “myth” of institutional demand for Bitcoin, which was partially caused by the <a href="https://www.cryptotimes.io/2024/07/05/bitcoin-drops-to-53717-amid-mt-gox-cold-wallet-transfer/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox settlement</a> and the German government’s selling of Bitcoin that had been seized.
He said, “Bitcoin pumpers blame the decline on Mt. Gox repayment-related sales. While this is part of the story, the rest is that the selloff exposes the myth of institutional demand. If such demand did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off-market.”&nbsp;
Schiff’s comments were made during the crypto market’s dramatic collapse, during which the prices of Bitcoin and other digital assets fell precipitously.
In addition, the overall market capitalization of the cryptocurrency market dropped below $2.07 trillion, wiping off roughly $170 billion due to unfavorable sentiments. The approximately $9 billion payment made to Mt. Gox creditors and the sale of Bitcoin by the German government were identified as the main causes of the negative market response.
Schiff’s critique casts doubt on the durability of institutional interest and its influence on market dynamics during downturns, notwithstanding recent highs spurred by the introduction of spot Bitcoin ETFs, which propelled Bitcoin’s price above $73,000 earlier.
Schiff’s viewpoints continue to add to the ongoing debate surrounding Bitcoin’s institutional adoption and its implications for market stability amidst regulatory and macroeconomic uncertainties.
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 Also Read: <a href="https://www.cryptotimes.io/2024/07/05/joana-cotar-urges-german-government-to-halt-bitcoin-sales/" target="_blank" rel="noopener noreferrer nofollow">Joana Cotar Urges German Government to Halt Bitcoin Sales</a>
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Peter Schiff Slams Bitcoin Bulls, Mocks Institutional Demand

The Crypto Times

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