Bitcoin ETF

Galaxy

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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/88e1d612-2231-4b4b-aa06-e5a196eefee7.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/PeterSchiff/status/1779983288855040085" target="_blank" rel="noopener nofollow">Peter Schiff&nbsp;</a>
 </figcaption>
</figure>
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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/3cb571e9-33de-44ca-a560-a1ce067b8505.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://twitter.com/Cryptofucius/status/1780001345702912318" target="_blank" rel="noopener nofollow">Cryptofucius</a> 
 </figcaption>
</figure>
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).
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/e21c060c-4952-4539-8df2-0cdbdc273b0c.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source:&nbsp;<a href="https://x.com/FinanceBrosif/status/1779991085407735831" target="_blank" rel="noopener nofollow">hurt</a>
 </figcaption>
</figure>
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

Inne artykuły opublikowane 16 kwi 2024

GPT-4 Matches Radiologists in Detecting Errors in Radiology Reports, Study Finds

GameFi Stages Comeback as Crypto Prices Surge

Impending Extradition? Nigerian Authorities Trace Fleeing Binance Exec To Kenya – Report

SPEEDY - The Fasted Dog On Fantom Chain Launched!

Google and MIT Launch Free AI Course for Educators

Shiba Inu Community Burns 774M SHIB Despite Market Crash, What’s Next?

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!