{"id":12635,"date":"2024-04-17T10:11:14","date_gmt":"2024-04-17T07:11:14","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiff-questions-bitcoins-potential-to-reach-100000\/"},"modified":"2024-04-17T10:11:14","modified_gmt":"2024-04-17T07:11:14","slug":"peter-schiff-questions-bitcoins-potential-to-reach-100000","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-questions-bitcoins-potential-to-reach-100000\/","title":{"rendered":"Peter Schiff Questions Bitcoin&#8217;s Potential to Reach $100,000"},"content":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital, has expressed skepticism about the ability of a Bitcoin ETF to elevate the cryptocurrency&#8217;s price to $100,000 or beyond.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETFs?src=hash&#038;ref_src=twsrc%5Etfw\">#BitcoinETFs<\/a> are really going to send <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> to $100K or higher, why are all the Bitcoin related equities in bear markets? For example, <a href=\"https:\/\/twitter.com\/search?q=%24COIN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$COIN<\/a> is down 21%, <a href=\"https:\/\/twitter.com\/search?q=%24GLXY&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GLXY<\/a> is down 26%, <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MSTR<\/a> down is 33%, <a href=\"https:\/\/twitter.com\/search?q=%24WGMI&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$WGMI<\/a> is down 41%, <a href=\"https:\/\/twitter.com\/search?q=%24MARA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MARA<\/a> is down 55%, <a href=\"https:\/\/twitter.com\/search?q=%24BITF&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BITF<\/a> is down 56%, and <a href=\"https:\/\/twitter.com\/search?q=%24HIVE&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$HIVE<\/a> is down 61%.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1779983288855040085?ref_src=twsrc%5Etfw\">April 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He noted that all digital assets are currently in a bearish phase.<\/p>\n<p>Schiff also highlighted the decline in shares of public crypto companies, including Coinbase (-21%), Galaxy Digital (-26%), MicroStrategy (-33%), Valkyrie Bitcoin Miners ETF (-41%), Marathon Digital (-55%), Bitfarms (-56%), and Hive (-61%). The businessman did not specify the period for these figures.<\/p>\n<p>He questioned why the high demand for Bitcoin is not reflected in the securities of related firms.<\/p>\n<p>The head of Euro Pacific Capital emphasized that buyers of Bitcoin ETFs are not long-term hodlers. In his view, these investors do not truly believe in the asset but are merely &#8220;testing the waters.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin pumper <a href=\"https:\/\/twitter.com\/novogratz?ref_src=twsrc%5Etfw\">@novogratz<\/a> believes <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETF?src=hash&#038;ref_src=twsrc%5Etfw\">#BitcoinETF<\/a> buyers, who have never owned <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> before, are long-term <a href=\"https:\/\/twitter.com\/hashtag\/HODLers?src=hash&#038;ref_src=twsrc%5Etfw\">#HODLers<\/a>. These Johnny-come-lately buyers are not true believers, but traders testing the waters. If the temperature is not to their liking they will be the first to sell.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1780212878236135639?ref_src=twsrc%5Etfw\">April 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;If the temperature is not to their liking, they will be the first to sell,&#8221; he added.<\/p>\n<\/blockquote>\n<p>The community criticized Schiff for his negative stance on Bitcoin and selective approach to facts.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">I love how you selectively pick the time frames that suit you the best\u2026<\/p>\n<p>\u2014 corp_liberation (@corp_liberation) <a href=\"https:\/\/twitter.com\/corp_liberation\/status\/1779986131611988448?ref_src=twsrc%5Etfw\">April 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I love how you selectively pick the time frames that suit you the best,&#8221; responded user corp_liberation.<\/p>\n<\/blockquote>\n<p>Bitcoin advocates Dan Held and Willy Woo also <a href=\"https:\/\/x.com\/danheld\/status\/1779985441032192136\">reminded<\/a> Schiff of how he missed the opportunity to buy the asset when it was trading around $1000.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">You must be new around here, this is normal par for the course for an asset that should have made you a deca-billionaire when you were recommended it in 2011. <\/p>\n<p>Oh wait. Somebody send some love to this man, 13 years of pain he has endured.<\/p>\n<p>\u2014 Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/1780035770453217432?ref_src=twsrc%5Etfw\">April 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;You must be new around here, this is normal par for the course for an asset that should have made you a deca-billionaire when you were recommended it in 2011,&#8221; said Woo.<\/p>\n<\/blockquote>\n<p>Previously, Schiff predicted that Bitcoin would face &#8220;the biggest crash in history,&#8221; and that MicroStrategy would go bankrupt. According to him, the main cause will be spot exchange-traded funds based on digital gold.<\/p>\n<p>Back in July 2023, Schiff stated that he underestimated the &#8220;potential of the Bitcoin bubble,&#8221; which would still fall to zero.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital, has expressed skepticism about the ability of a Bitcoin ETF to elevate the cryptocurrency&#8217;s price to $100,000 or beyond. If #BitcoinETFs are really going to send #Bitcoin to $100K or higher, why are all the Bitcoin related equities in bear markets? For example, $COIN is down 21%, $GLXY [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,1298],"class_list":["post-12635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"83","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12635"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12634"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}