Peter Schiff Criticizes Bitcoin’s Status As Digital Gold, Here’s All
Highlights
- Peter Schiff stated that the false narrative of Bitcoin being digital gold is being exposed.
- The economist suggested that the Strategic Bitcoin Reserve plan will not work out as planned.
- The Bitcoin price could rebound soon.
Bitcoin critic and Renowned economist Peter Schiff has again aimed a dig at the flagship crypto. This time, Schiff stated that Bitcoin’s status as digital gold is being exposed and suggested that the Strategic Bitcoin Reserve plans may not work out as planned.
Peter Schiff Criticizes Bitcoin’s Status As Digital Gold
In an X post, Peter Schiff stated that the false narrative that Bitcoin is digital gold is being exposed. He remarked that BTC’s growth is slowing as inflation rises and stagflation fears spread. The economist added that tariff uncertainty is adding to the pressure on financial markets.
Schiff, who is a gold proponent, took out time to praise the asset, alluding to the fact that it continues to hit record highs even as the Bitcoin price crashes. He then suggested that the Strategic Bitcoin Reserve might not work out as planned.
The Bitcoin critic also recently described the US Strategic Reserve as a crypto scam, which is misleading Americans. Peter Schiff blamed Trump for promoting Bitcoin and crypto-related projects. He argued that his influence could result in more Americans losing money.
Interestingly, Schiff had previously admitted that he understood the rationale for a Bitcoin Reserve. He added that he doesn’t agree with it, although he gets it.
The economist stated that the US has a gold reserve and that BTC is digital gold, which is better than analog gold. Meanwhile, in another post, he questioned why Bitcoin, as digital gold, is falling when the “real gold” is hitting record highs almost every day.
BTC Could Rebound Soon
Amid Peter Schiff’s statements, crypto analyst Ali Martinez suggested that the Bitcoin price could rebound soon. He revealed that BTC’s sell-side ratio just dropped to 0.086%. The analyst added that in the last two years, levels beyond 0.1% have signaled major price rebounds.
Long-term Bitcoin holders continue to accumulate amid this crypto market downtrend. In another post, Martinez revealed that holders have moved 650 Bitcoin worth over $55 million in the last few hours. Institutional holders like MicroStrategy also continue to accumulate. Saylor’s company recently acquired 6,911 BTC for $584 million.
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