After plunging to $25,000, bitcoin price explodes. Many see this dynamic in a positive light. This is not the case with Peter Schiff. The investor criticizes the skyrocketing price of the flagship crypto. An ephemeral trend according to him.
Peter Schiff Doubts the Sustainability of Bitcoin’s Recent Surge
On Sunday, June 11, the price of bitcoin (BTC) tumbled to $25,000. Less than two weeks later, here it is again on an uptrend. The asset is worth exactly $28,764 as these lines go to press.
As usual, the crypto critic Peter Schiff spoke about this new surge in the course. The latter is not insignificant since the investor attributes it to a combination of circumstances linked to the financial market.
Indeed, Peter Schiff explains the rally in the price of BTC by the launch of the EDX exchange. The platform operationalizes transactions in BTC and ETH, among others. EDX is reportedly backed by some Wall Street behemoths like Charles Schwab, Fidelity Digital Assets and Citadel Securities.
If the price of bitcoin suddenly exploded, it is because these are selling EDX as satisfying the requirements of intentional investors. In particular, those of them who are the most conservative and therefore reluctant to venture into such a volatile market.
Peter Schiff’s opinion suggests that a number of institutional investors are interested in the bitcoin market. But the critic does not see this trend lasting.
He thinks it will fade after a while. This, because among other reasons, the flagship crypto is basically worthless according to him. Characteristic that would make it an asset highly dependent on the speculative dynamics of the market.
It cannot be denied that the crypto market is highly speculative and volatile. But, we can also see the change in perspective of institutional investors towards cryptos as favorable to the adoption of the latter.
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