Bitcoin ETF

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Bitcoin

Gold 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 (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;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.
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 Source: <a href="https://x.com/PeterSchiff/status/1779983288855040085" target="_blank" rel="noopener nofollow">Peter Schiff&nbsp;</a>
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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.
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 Source: <a href="https://twitter.com/Cryptofucius/status/1780001345702912318" target="_blank" rel="noopener nofollow">Cryptofucius</a> 
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The current bearish momentum in the crypto market is no big surprise either. Market analysts have <a href="https://x.com/ArkaneGuild/status/1779011811574227214" target="_blank" rel="noopener nofollow">explained</a>&nbsp;how BTC has historically seen a pre-halving dip and picks up momentum post-halving. The <a href="https://cointelegraph.com/news/bitcoin-halving-2024">Bitcoin halving</a>&nbsp;is scheduled for later this week.
Related: <a href="https://cointelegraph.com/news/eth-price-3-year-lows-bitcoin-ethereum-etf">ETH price nears 3-year lows vs. Bitcoin — Will an Ethereum ETF stem the tide?</a>
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).
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 Source:&nbsp;<a href="https://x.com/FinanceBrosif/status/1779991085407735831" target="_blank" rel="noopener nofollow">hurt</a>
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A few others <a href="https://x.com/corp_liberation/status/1779986131611988448" target="_blank" rel="noopener nofollow">called</a> him out&nbsp;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 <a href="https://x.com/danheld/status/1779985441032192136" target="_blank" rel="noopener nofollow">reminded</a>&nbsp;Schiff how he missed the opportunity to buy BTC in 2013 when it was trading at around $1,000.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-etf-coinbase-honeypot-hackers-government-trezor-ceo/">Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments — Trezor CEO</a>

Peter Schiff questions Bitcoin ETF demand and $100K BTC price target

Cointelegraph

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