Peter Schiff Criticizes Bitcoin Bulls and Mocks Institutional Demand Amid Recent Price Decline
Legendary trader Peter Schiff has once again taken aim at Bitcoin (BTC) bulls, criticizing the recent decline in asset price and the wider crypto market. Schiff pointed to the “myth” of institutional demand as a key factor in the downtrend, highlighting reasons why the price of the asset could have avoided the recent sell-off.
In a tweet on July 6, Schiff mocked the idea of growing institutional demand for Bitcoin, particularly in light of the Mt. Gox payout that shook the market. He argued that if institutional demand truly existed, buyers would have eagerly snapped up the Mt. Gox Bitcoin off-market, rather than allowing a sell-off to occur.
The crypto market saw a significant drop in value, with the total market cap falling below $2.07 trillion and over $170 billion wiped off as sentiments turned bearish. Factors such as the Mt. Gox payout, the German government selling seized Bitcoin, and macroeconomic sentiments all contributed to the downturn.
Schiff suggested that if institutions were truly interested in Bitcoin, they would have stepped in to prevent the market impact caused by events like the Mt. Gox payout. However, the assets were sent to centralized exchanges, indicating that institutional demand may not be as strong as some believe.
Despite Schiff’s criticism, many in the crypto community point to the growing institutional interest in Bitcoin and other cryptocurrencies. The approval of spot Bitcoin ETFs earlier this year led to a surge in the asset’s price, drawing participation from several firms. Institutions are now exploring Ethereum ETFs and other crypto assets, indicating a continued interest in the market.
As the crypto market continues to navigate through ups and downs, the debate over institutional demand for Bitcoin is likely to remain a hot topic. With conflicting opinions from industry experts like Peter Schiff, investors will need to carefully consider the factors driving the market and make informed decisions about their crypto investments.
