After a mega-rally last week, the Bitcoin (BTC) price finally tanked 20% going to $30,500 on Monday, January 11, in a market-wide bloodbath. However, this gave an opportune moment for Bitcoin critics to rant their criticism about the world’s largest cryptocurrency.
Over the last few months, there’s has been a massive institutional activity around Bitcoin (BTC) with some of the top wall-Street players pledging millions of dollars in BTC investments. However, long-time Bitcoin critic Peter Schiff tossed a false claim on Monday saying very institutions are actually buying Bitcoin. In his Twitter post, Schiff wrote:
“Very few institutional investors are buying. It just that those few that are buying are extremely vocal about their positions. They need to convince others to buy to push up the price so they can sell. The financial media also gives them a platform to talk their books”.
However, just as Peter Schiff tried to toss a theory of financial media manipulation, Gemini exchange co-founder Tyler Winklevoss came out to call out Schiff’s bluff. Mr. Winklevoss called out Schiff’s claims of no BTC institutional buying to be “completely false”.
— Tyler Winklevoss (@tyler) January 11, 2021
Besides, there have been multiple instances that suggest strong institutional interest in Bitcoin. The continuous purchases by the Grayscale Bitcoin Trust (GBTC), the OTC deals, the Bitcoin exchange outflows going to cold storage, and a lot more. Basically, Peter Schiff is a person who doesn’t seem to accept anything positive about Bitcoin. Childish to the extent that he even gets irked by media houses talking about Bitcoin.
It's amazing that @CNBC's main on-screen quote bug toggles between the Dow Jones and #Bitcoin. According to CNBC these are the two most important prices relevant to their viewers. This is one reason why CNBC should be completely irrelevent to investors.
— Peter Schiff (@PeterSchiff) January 12, 2021
While Peter Schiff prefers to look the other way round, we have some of the biggest Wall Street investors who have been endorsing Bitcoin (BTC) in recent times. What Schiff specifically doesn’t like is Bitcoin being compared to Gold. During his latest interview with Fox Business, Peter Schiff said: “All bitcoin is, is the latest iteration of fool’s gold and anybody buying it is ultimately a fool”. He further added that people are in the delusion that BTC will someday turn into cash.
“It’s never going to be money,” he said. “It doesn’t fit the very definition of money. Money needs to be a commodity. It needs to have actual value unto itself, not just the uses and means of exchange.”
But alas, even banking giants like JPMorgan have acknowledged that Bitcoin is a threat to Gold.