Peter Schiff, a prominent advocate for gold, has expressed skepticism towards market analysts who are predicting a Bitcoin price of $100,000 during the current bull market. Schiff also criticized spot Bitcoin exchange-traded funds (ETFs) and the demand they are generating in the market.
Schiff is well-known for his criticism of Bitcoin, often questioning its market value and real-world applications. He called out analysts who believe that the price of BTC could exceed $100,000 due to the high demand created by spot BTC ETFs.
In a post on April 16, Schiff pointed out the bearish performance of key Bitcoin-related equities, including Coinbase, MicroStrategy, Galaxy Digital, and other crypto-linked stocks. He questioned why the high demand for BTC is not reflected in the stock prices of these companies.
Schiff highlighted that Coinbase is down 21%, Galaxy Digital is down 26%, MicroStrategy is down 33%, and several Bitcoin mining stocks have experienced double-digit losses. However, he did not provide a specific timeline for these losses, even though most Bitcoin and crypto-related stocks have outperformed traditional market stocks significantly since the beginning of 2024. Only in the past week have these stocks seen a downturn due to bearish momentum in the crypto market.
This recent bearish momentum in the crypto market is not surprising, as market analysts have explained that BTC historically experiences a dip before halving and gains momentum after halving. The Bitcoin halving is scheduled to occur later this week.
Schiff’s comments did not go unnoticed, as several Bitcoin proponents responded to his post, debunking his selective use of data. One user pointed out that MicroStrategy stocks are up 300% year-on-year (YoY).
Others criticized Schiff for cherry-picking data and shared the performance of Bitcoin compared to gold to highlight the growth difference between the two assets. While gold has reached new all-time highs in the second quarter of 2024, its rise pales in comparison to the rise of BTC during the same period. Bitcoin advocates Dan Held and Willy Woo also reminded Schiff of how he missed the opportunity to buy BTC in 2013 when it was trading around $1,000.
In related news, the CEO of Trezor, a cryptocurrency wallet manufacturer, warned that Bitcoin ETFs make Coinbase a target for hackers and governments.