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Bitcoin declared ‘dead’ by Peter Schiff despite record trading activity

Key Points

  • Peter Schiff’s bold statement about Bitcoin’s survival amidst high trading.
  • Schiff’s comparison of Bitcoin’s 2% gain to silver’s 21% rise.
  • Peter Brandt offers a differing perspective on Schiff’s views.

The esteemed financial analyst Peter Schiff has once again sparked discussions in the cryptocurrency sphere by labeling Bitcoin (BTC) as ‘dead,’ despite its current strong position. Schiff, an advocate of conservative views on digital assets, justified his comment on BTC’s recent performance compared to silver, accentuating the disparities.

Peter Schiff’s Argument on Bitcoin’s Resilience

Schiff emphasizes that since April, Bitcoin’s growth of 2% appears insignificant versus silver’s impressive 21% surge. This contrast leads him to prophesy Bitcoin’s impending downfall. In response, supporters of Bitcoin argue that Schiff cherry-picks data to align with his narrative. Looking back on the year, BTC has escalated by almost 60%, overshadowing silver’s more modest 14.46% gain. Such comparisons fuel debates between digital asset enthusiasts and traditional investors.

 

Further expounding on his position, Schiff stresses his unease with the frequent portrayal of Bitcoin as a digital twin to gold. He aims to rectify this misconception to guide potential investors away from what he deems as a risky choice.

 

Schiff argues that if Bitcoin is no longer paralleled with gold, he would desist from publicly denouncing it. Despite accusations of seeking attention, Schiff defends his critiques as genuine concerns for investor welfare, asserting his commitment to integrity over endorsing BTC for popularity.

Peter Brandt’s Contradictory Move Against Schiff

Conversely, seasoned trader Peter Brandt urges audiences to dismiss Schiff’s negative outlook on Bitcoin. Brandt accuses Schiff of diverting attention to silver’s performance through his platform, hinting at a diversion from Bitcoin’s achievements. 

 

Brandt proposes that despite Schiff’s criticisms, he acknowledges the worth of cryptocurrencies but prioritizes silver promotion, a domain he traditionally aligns with. In contrast, Schiff persists in cautioning investors about Bitcoin’s uncertainties, branding it akin to speculation devoid of intrinsic value.

Also Check Out: Bitcoin Maxi Predicts 5 Reasons for BTC’s $70K Surge Next Week

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