Bitcoin has finally disgraced itself by smashing the $100,000 mark across exchanges, yet there is not much cool music. According to Peter Schiff, one of Bitcoin’s critics, the hype surrounding this so-called bullish trend has nothing to do with the free market.
Peter Schiff about Bitcoin Surge
What Peter Schiff Says
According to Schiff, the shabby rise of Bitcoin is not a natural flow for demand but some politicians and lots of buying from institutions. In fact, talk has become louder over recent times within the U.S. about incorporating Bitcoin into that national reserve, and Schiff believes this voice was a part of enticing this rally.
He laments that institutional investors are pouring in on such government pronouncements. Such companies as MicroStrategy, under its chairman Michael Saylor, are buying great amounts of Bitcoin, raising prices. In Schiff view, this was followed by the breaking of the $100,000 ceiling.
State-Backed Asset?
Schiff sees Bitcoin as becoming known as a “state-backed asset.” He believes its future development will depend upon more institutional and governmental support, which goes against Bitcoin’s decentralized ideals.
What About Gold?
Schiff, who is a devoted supporter of gold, pointed out slight increments above gold by a 0.24% upward rise. He said gold is the most secured means of storing value as far as speculation on the contents of Bitcoin is concerned.
A Divided Opinion
Bitcoin hitting $100,000 marks a huge milestone. Fans see this as evidence that Bitcoin can deliver on its promise. Critics like Schiff argue it has strayed from its original purpose of being truly independent.
No matter if you think Bitcoin will change everything or just serves the current system, this big moment shows how it’s becoming more important in both crypto and regular money matters.
