What’s Happening Between Peter Schiff And Bitcoin?

Juhi Mirza
Gold Advocate Peter Schiff Predicts Bitcoin to $20,000 and Ethereum to $1,000
Source: Coingape

Notable economist and financial personality Peter Schiff is back with his eccentric comments concerning Bitcoin and the overall cryptocurrency market.

Taking it up on X, Schiff dissected the Bitcoin narrative, adding how the rise of Bitcoin is overshadowing the gold and silver bullish phases.

Also Read: What’s Happening Between The US Dollar And The Japanese Yen Today?

Schiff Disses Bitcoin, Again

Source: Entrepreneur

Peter Schiff, a leading economist, has grabbed global attention by making his Bitcoin-centric views known to the world. The economist took to X to share another opinion, adding that the rise of Bitcoin to $78k is overshadowing the bullish momentum of the gold and silver rally.

Schiff later dubbed the current price hike of Bitcoin as “insignificant,” adding how the current Bitcoin rally is suppressing the stellar price hikes documented in the sectors of gold and silver.

The economist was later accused of BTC’s current price surge, reiterating how this surge would keep US and European investors on the sidelines.

“The significance of the rally in gold and silver is being overshadowed by the insignificant rise of bitcoin. That will keep most U.S. and European investors on the sidelines while emerging market investors and central banks load up on still-cheap precious metals.”

Schiff’s Views on Ethereum ETF

In a new tweet on X, Schiff delivered his fresh take on Ethereum ETFs. The economist was quick to dismiss the Ethereum ETF buildup, adding that the money invested in ETH ETFs will eventually come from the funds allocated to Bitcoin ETFs.

“Bitcoin gained renewed strength from rumors that an #Ethereum ETF will likely be approved. But any money to buy new Ether ETFs will most likely come from existing Bitcoin ETFs. Investors who decided to make an allocation to crypto won’t increase that allocation to buy Ether.”

Schiff’s tweet was met with a compelling mix of reviews, including another analyst countering Schiff’s opinion on the Ethereum ETF.

Also Read: Ripple: Analyst Predicts XRP To Surge 250%, Hit $1.88 Target

“Peter… Bitcoin’s price doesn’t go up because of Ether. Ether’s price goes up because of Bitcoin. If you don’t understand this, your opinion is irrelevant.”

Schiff is long known as a staunch commodity proponent, known to frequently criticize Bitcoin and the overall cryptocurrency market.