Peter Schiff Doubts Bitcoin ETF Demand & $100K Price Target

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Peter Schiff, known for his support of gold, has expressed skepticism towards rosy Bitcoin price forecasts reaching $100,000 during the current market uptrend.

Schiff, who is well-known for his criticism of Bitcoin and its real-world uses, didn’t miss an opportunity to poke fun at the growing interest in Bitcoin caused by recently launched spot Bitcoin ETFs.

On April 16, Schiff noted in a recent post that Bitcoin-linked stocks like Coinbase, MicroStrategy, and Galaxy Digital weren’t performing well despite the supposed increased interest in Bitcoin. This observation left him puzzled as to why the prices of these companies weren’t reflecting the purported heightened demand for the cryptocurrency.

If Bitcoin ETFs are capable of pushing Bitcoin prices up to $100K or more, why then are most Bitcoin-linked stocks experiencing bear markets? For instance, COIN has dropped by 21%, GLXY by 26%, MSTR by 33%, WGMI by 41%, MARA by 55%, BITF by 56%, and HIVE by an impressive 61%?— Peter Schiff (@PeterSchiff) April 15, 2024

The continuous upward trend of Bitcoin’s value doesn’t sway Schiff’s long-held doubts, as he remains skeptical despite optimistic predictions from others and the emergence of new investment opportunities such as spot Bitcoin ETFs.

Schiff noted significant decreases: Coinbase saw a drop of 21%, Galaxy Digital suffered a loss of 26%, and MicroStrategy experienced a decline of 33%. Bitcoin mining stocks also faced double-digit percentage drops.

Instead, he failed to mention when these losses happened. Lately, crypto stocks have surpassed traditional ones in growth, starting from early 2024.

During past bitcoin cycles, it’s common to see a price drop around this time, leading up to the halving event. This dip is historically precedent, as the halving is scheduled for later this week. Following earlier trends, analysts predict that Bitcoin’s price will recover post-halving.

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2024-04-16 15:00