Bitcoin critics ask why Bitcoin-related stocks are falling if Bitcoin is poised to hit $100,000.
Peter Schiff once again delivered an indirect negative opinion about Bitcoin (BTC), raising concerns about the stability of the price of stock assets heavily linked to Bitcoin.
Peter Schiff is a senior economic analyst. He invests in the Gold & Gold ETF, but is also against Bitcoin (BTC) and other cryptocurrencies. He believes that while Bitcoin is not backed by anything and cannot be used in the real world, there are a ton of use cases for gold.
On April 16, 2024, Peter Schiff took to If you believe this, why have all stocks and activities related to Bitcoin-related financial activities been suspended?
In fact, Peter used recent data to show the down price of certain stock assets of cryptocurrency and blockchain companies. These days, company stock prices have undergone a major correction due to the war between Israel and Iran.
The currency market, which is less volatile than cryptocurrency, namely the stock market, has also fallen sufficiently. It can be seen that the trading price of Apple stock, the No. 1 luxury smartphone manufacturer, has recently fallen sharply.
Many Bitcoin supporters have pointed out that the American global economist was partial to ditching Bitcoin for gold, which was common for him.
In another tweet, Peter dismissed Bitcoin's role as “digital gold” and said people should understand that Bitcoin is not digital gold, as the Bitcoin spot ETF product is down but at the same time gold is 1.5% higher overall. said. High price for time.
Previously, Peter claimed that the Bitcoin spot ETF product would put very large selling pressure on the Bitcoin market and that in such a situation, a bankruptcy of Bitcoin holding company Microstrategy (MSTR) would be possible.
Also Read: Hong Kong Approved BTC and ETH Spot ETFs, But They Are Not Yet Launched Experts say don't expect much.