Peter Schiff, a well-known economist and financier, has returned with some of his most eccentric remarks about Bitcoin and the cryptocurrency market.
Schiff, who appeared on X to discuss the Bitcoin story, also explained how Bitcoin’s rise is obscuring gold and silver bullish periods.
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Schiff again attacks Bitcoin
Peter Schiff is a prominent economist who has gained global recognition by expressing his Bitcoin-centric opinions. The economist shared his opinion on X, saying that Bitcoin’s recent rise to $78,000 is obscuring the positive momentum in the gold-and-silver rally.
Schiff later called the current Bitcoin price rise as “insignificant,” The current Bitcoin rally has suppressed the incredible price rises in the gold and silver sector.
The economist later was accused of BTC’s current price rise, repeating how this would keep US investors and Europeans 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 view on Ethereum ETF
In a recent tweet, Schiff shared his new take on Ethereum-based ETFs. Schiff dismissed the Ethereum ETF building up, saying that funds will be allocated for 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 greeted with an impressive mix of responses, one analyst even countered Schiff’s view on Ethereum ETF.
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“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 well-known as a proponent of commodities, and has frequently been quoted by him. criticize Bitcoin is the global cryptocurrency market.
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Source: watcher.guru
