Schiff says ‘Bitcoin promoters have corrupted many’ as BTC surges past $82K
Journalist
Posted: November 12, 2024
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- Bitcoin continues to make new ATHs.
- Critic believes Trump’s pro-Bitcoin stance was just a tactic for votes.
Bitcoin’s [BTC] meteoric rise has captured global attention, reaching new record highs every day. The coin soared to a historic peak of over $82,300 as well.
At press time, it was trading at $82,025—an impressive 120% gain over the past year. This rally has been spurred by U.S. President-elect Donald Trump’s pro-crypto stance and the support from a Congress inclined toward digital assets.
Peter Schiff’s critique
While Bitcoin’s surge has excited many investors, not all observers are convinced of its long-term viability.
Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Asset Management and a well-known Bitcoin critic, weighed in with harsh skepticism on X. He remarked,
“Over the years, Bitcoin promoters have corrupted many.”
He argued that public figures often modify their stance on Bitcoin for political or financial advantage, highlighting Trump as a prime example.
According to Schiff, Trump’s newfound advocacy for Bitcoin was driven not by belief, but by the pursuit of political capital and support.
BTC: Not a threat to the dollar
Schiff further elaborated that when Trump was not in the political spotlight, he was candid in his negative views, calling BTC ‘a threat to the American financial system’ and believed it could ‘undermine the U.S. dollar.’
However, Schiff argued that Bitcoin itself does not pose a threat to the U.S. dollar nor to the American financial system.
The exec believes that it is rather the nation’s financial irresponsibility and gold that can do it. He emphasized this by stating ,
“Bitcoin is only a threat to those who HODL it or invest in related businesses.”
Optimism from industry leaders
On the other side of the debate, Bitcoin continues to find strong advocates within the financial industry.
Bitwise Asset Management CEO Hunter Horsley highlighted a distinctive aspect of Bitcoin compared to traditional equities in the latest post on X.
He explained that as a company’s share price increases, its valuation multiples also rise. This often leads investors to perceive the stock as overvalued, reducing their interest until the price declines.
However, when Bitcoin’s price appreciates, it enhances the perception of its potential success and future value, which can attract more investors and drive the price even higher, he noted.
Thus, Horsley remarked,
“It’s likely to go up even further.”
Retail interest rises once again
Meanwhile, after sleeping on BTC for quite some time looks like retail interest is finally returning. Google Trends data for the last week showed a surge in Bitcoin-related searches, with a score of 73, up from persistent lows since April.
At press time, the score had leaped to 93, indicating a significant resurgence of interest from individual investors.
Source: Google Trends
Read Bitcoin (BTC) Price Prediction 2024-25
With retail participation ramping up and institutional confidence in Bitcoin holding strong, one question remains: how far can Bitcoin’s current momentum take it?
Well, for now, it seems poised for continued growth, riding the waves of heightened interest and political tailwinds.
