u.today
Renowned Bitcoin critic Peter Schiff has debunked claims that the next wave of capital influx into the BTC ecosystem will come from Wall Street investors.
Peter Schiff counter-criticism
Responding to a CNBC Squawk Box interview featuring Bitcoin bull Anthony Pompliano, who noted that the net new dollars that will flow into Bitcoin will come from Wall Street, Peter Schiff noted that, in actual reality, investors in America are plotting the reverse action.
Since spot Bitcoin ETFs became greenlighted by the United States Securities and Exchange Commission (SEC) in January this year, there has been significant capital inflow into the industry. This capital was generally funneled through bets on the ETF products from BlackRock, Fidelity Investments and Bitwise, among others.
While Pompliano is optimistic that the trend is poised to continue in the foreseeable future, Peter Schiff dampened the sentiment. He said he believes Wall Street investors are just about selling off. Peter Schiff said the potential sell-off from corporate investors is notably a recipe for an impending market crash.
My nephew @APompliano just told #CNBC that hard-core Bitcoiners are already fully invested and that any new money coming into #Bitcoin will have to come from Wall Street. But I think Wall Street is about to start selling. That's a recipe for a Bitcoin crash. Buckle up #HODLers!
— Peter Schiff (@PeterSchiff) April 17, 2024
As a Bitcoin critic, Schiff is forever convinced that the price of the flagship digital currency is poised to hit zero eventually.
Odds say otherwise
Despite the convictions of Peter Schiff and other top Bitcoin critics, the forthcoming BTC halving event says to others that the price is likely to keep growing. With block rewards, the only way Bitcoin is issued, set to drop by 50%, intense scarcity is poised to be introduced.
As seen since its inception, spot Bitcoin ETF issuers acquire thousands of BTC daily, a demand which, if sustained, is capable of boosting the value of the digital currency. In light of the market and network advances, many industry leaders have predicted a massive price target for Bitcoin in the long term.
One of the latest bullish calls is from top analyst Willy Woo, who says the coin can hit $650,000 in the long term.