The most notable economists financial Peter Schiff has returned with more of his bizarre comments about Bitcoin and the cryptocurrency market.
Schiff, a guest on X’s “Taking It Up”, dissected Bitcoin and explained that the growth of Bitcoin has overshadowed the bullish phases in gold and Silver.
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Schiff Again Disses Bitcoin
Peter Schiff, an economist of international renown, grabbed the attention of all by sharing his Bitcoin-centric viewpoints. The economist shared his opinion on X, saying that Bitcoin’s recent rise to $78,000 is overshadowing gold and the silver bull market.
Schiff also referred to 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
Schiff shared his new perspective on Ethereum ETFs in a recent tweet. The economist dismissed Ethereum ETFs, noting that money allocated to Bitcoin ETFs would eventually be invested into ETH 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 by a mix of reactions, with one analyst rebutting 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 has been known for many years as an avid commodity advocate, and is frequently quoted in the media. criticize Bitcoin, and the entire cryptocurrency market.
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Source: watcher.guru