Gold advocate Peter Schiff has expressed skepticism towards claims by market analysts predicting that Bitcoin could reach a price of $100,000 during its current bull run.
Schiff, a vocal critic of Bitcoin, challenged the notion that the cryptocurrency could achieve such a milestone, particularly attributing the expected surge to the demand generated by spot Bitcoin exchange-traded funds (ETFs).
In his critique, Schiff pointed to the lackluster performance of several Bitcoin-related stocks, such as Coinbase, MicroStrategy, and Galaxy Digital, highlighting their recent declines despite the overall enthusiasm around Bitcoin.
On a post dated April 16 on the social media platform X, he noted, “Coinbase is down 21%, Galaxy Digital is down 26%, MicroStrategy is down 33%, and several Bitcoin mining stocks are down double digits.”
These observations came at a time when, broadly speaking, Bitcoin and crypto-related stocks have generally outperformed traditional market equities since the beginning of 2024.
However, Schiff did not provide specific timelines for these losses, despite their occurrence within a broader context of recent downturns in the past week attributed to a bearish momentum in the cryptocurrency market.
Market analysts have previously mentioned that Bitcoin often experiences a dip before its halving event, which is expected later this week, and typically recovers and gains momentum afterward. This pattern provides a counterpoint to Schiff’s bearish stance.
Responding to Schiff’s skepticism, Bitcoin advocates quickly took to social media to refute his claims by pointing out selective data usage.
One user highlighted that MicroStrategy’s stock has actually seen an impressive increase of 300% year-on-year.
Others compared the performance of Bitcoin with that of gold, which, despite reaching new all-time highs in the second quarter of 2024, still lags behind Bitcoin’s performance in the same period.
Bitcoin enthusiasts like Dan Held and Willy Woo also engaged with Schiff’s comments, reminding him of his missed opportunity to invest in Bitcoin back in 2013 when it was priced around $1,000.
This interaction underscores the ongoing debate between proponents of traditional assets like gold and supporters of newer digital currencies such as Bitcoin.
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