MEXCPeter Schiff Slams Bitcoin Bulls, Lampoons Institutional Demand
Highlights
- Peter Schiff criticized Bitcoin bulls on the much-touted institutional demand.
- This comes after a price drop pointed sent Bitcoin below $55,000.
- Meanwhile, crypto users point to increasing demand for assets this year.
Peter Schiff criticizes Bitcoin (BTC) bulls on the recent decline in asset price and the wider crypto market. The legendary trader pointed to the “myth” of institutional demand highlighting reasons why despite macro and industry factors, the price of the asset could have avoided the downtrend. This year, institutional demand has become a rallying point for several participants in the market.
Peter Schiff Mocks Institutional Demand
Peter Schiff noted that the recent sell-off exposed talks about the growing institutional demand for Bitcoin. In a July 6 tweet, he poked holes at the dominant narrative in line with the Mt. Gox payout which startled the entire market.
“Bitcoin pumpers blame the decline on Mt. Gox repayment-related sales. While this is part of the story, the rest is that the selloff exposes the myth of institutional demand. If such demand did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off-market.”
The crypto market fell to lows not recorded in months. The total market cap fell below $2.07 trillion with over $170 wiped off as sentiments plunged. A key driver of low sentiment was the announcement of a nearly $9 billion payment to Mt Gox creditors. Furthermore, the German government sold a batch of seized Bitcoin leading to a price crash. These activities coupled with macro sentiments sparked a bearish reaction from investors.
Institutions To Step Up?
According to Peter Schiff, if there was high institutional demand for Bitcoin, firms would have gotten those assets to prevent an impact on the market. While this may not be the case as the assets were sent to centralized exchanges alongside other factors, crypt users pointed to the growing institutional demand. This year, the approval of spot Bitcoin ETFs took the asset to an all-time high above $73,000 and drew participation from several firms. This led to institutions exploring Ethereum ETFs alongside newly filed Solana applications.
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