Legendary financial trader Peter Brandt believes that frequent hate statements about Bitcoin (BTC) from Peter Schiff are likely a strategy for the critic to gain clout on X.
Brandt advised Crypto X to stop listening to Schiff’s rants about the flagship cryptocurrency. In his opinion, the Bitcoin critic is just out to gain attention and followers at the expense of the number one digital asset.
The trader’s statement was in response to an earlier post by Schiff where he compared Silver’s growth to that of BTC. He precisely stated that since April 2, Silver has surged by more than 21% while Bitcoin is only up by 2%.
“That’s more than 10x the bang for your buck with silver. Bitcoin is dead. Long live silver,” Schiff added.
Brandt says Schiff has been betting on dead horses and by “horses”, he refers to all of the assets that the critic has exalted above Bitcoin. Furthermore, he mockingly highlighted that
“Just because one horse (Silver) $SLV $SILV decided to take a jog, Schiff is having a social media orgasm.”
There are several market observers and crypto enthusiasts who share the same sentiments as Brandt on the subject of Schiff’s constant bickering about Bitcoin. Despite all of these backslashes, never has Schiff tried to be positive about Bitcoin.
Spot Bitcoin ETF outflows recently climbed to a disappointing level with BlackRock’s IBIT and Fidelity’s FBTC registering their first negative flows. The United States Bitcoin ETF ecosystem saw more than $230 million outflows in a matter of ten days.
Considering the market outlook, Peter Schiff warned against a potential downtrend in Bitcoin price.
There is an ongoing discuss of how Bitcoin could serve as hedge in the face of inflation especially with the U.S. gradually slipping into economic crisis. Schiff does not want to hear any of it as he seem not to consider the crypto asset a functional currency. During a live debate on YouTube sponsored by ZeroHedge, he claimed that Bitcoin’s slow speed and high transaction costs are obstacles to its daily use.
It is obvious that Schiff has consistently made bearish predictions about BTC that never becomes the reality. Right now, Peter Brandt does not think the latest banter from the critic is any different.
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