Peter Schiff, a well-known Bitcoin (CRYPTO: BTC) critic, has once again expressed skepticism about the latest Bitcoin rally that saw the apex cryptocurrency surpass $56,000—a level not seen in two years.
What Happened: Schiff took to X on Tuesday and said, “There is an old saying that markets take the stairs up and the elevator down. With #Bitcoin it’s a bit different. Bitcoin takes the elevator up and then jumps.”
His comments come at a time when the total market capitalization of cryptocurrencies has once more crossed the $2 trillion threshold, buoyed by positive sentiment and steady investment into Bitcoin ETFs.
David Gokhshtein, founder of Gokhshtein Media, replied to Schiff’s comment with a reminder: “You accept Bitcoin on your website.”
It should be noted that Schiff-owned company Schiffgold accepts cryptocurrency via Bitpay.
In a further post, Schiff added, “It looks like #Bitcoin isn’t digital #gold, but a digital way to bet against gold. So it’s actually digital anti-gold. Bitcoin buyers need to hope that the #dollar stays strong against other fiat currencies, that #inflation stays in check, and that #Fed credibility is not lost.”
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Why It Matters: It should be noted that while Schiff is a vocal Bitcoin opponent he ventured into non-fungible token (NFT) space in May 2023. He announced an Ordinal art collection inscribed on the Bitcoin blockchain, which included his original painting “Golden Triumph” and a series of related prints.
Schiff believes that Bitcoin lacks intrinsic value, contrasting it with gold, which he sees as a stable haven for wealth. In a recent podcast with Anthony Pompliano, Schiff said, “Can Bitcoin rally to $100,000 or more? Sure it can, but I don’t even think it’s worth betting on it because it’s not even that big of a rise. … I mean it’s been going sideways now for three years … it hit the high, almost hit $70,000 in 2021, this is 2024. … I just don’t see the next catalyst for the rise.”
Price Action: At the time of wriitng, BTC was trading at $56,901, up 0.93% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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