Musings from the editor: is Peter Schiff right on Bitcoin?

Crypto Update
7 Min Read

Peter Schiff right on Bitcoin

It’s hard to have bitcoin (B T c) bulls these days. The latest bitcoin price traded below the $20,000 level and two recent attempts to regain the $25,000 level failed.

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To reclaim its highs of around $68,000, Bitcoin would have to double in value and then post a 70% gain. On the other side of the trade, bitcoin needs to drop another $9,000 or so to reach the level around $10,000.

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Hate to say it, but everyone’s favorite (or at least favorite) bitcoin bear Peter Schiff is winning the debate. Consider our previous article covering Peter Schiff which you can read Here, Schiff used technical analysis in mid-August to argue that the rally that pushed bitcoin to the $24,000 level was fake.

Fair warning: Schiff was on the sidelines of the business when pitted against hodlers who bought bitcoin years ago. But with 40% (more likely now) of bitcoin investors under the waterThis article focuses on short term price action.

whatever the bitcoin catalysts are but

invezz previously reported In September 2021 Schiff argued that cryptocurrency adoption would increase consumer prices. two months ago, another article Covered Schiff’s comments that bitcoin is doomed to hold the $30,000 level.

All that said, Schiff WS is raking in the big time – at least for those with very near-term time frames.

newest bitcoin news Full of bullish catalysts that would prove Schiff’s bearish stance wrong. For example, Forbes describes black Rock (BLK) New Spot as a “Game-Changer” Bitcoin Private Trust, which opens bitcoin to BlackRock’s $10 trillion warchest.

Fidelity, Citadel and Charles Schwab also announced the launch of a bitcoin and cryptocurrency exchange EDX Markets (EDXM).

The press release cited EDXM’s board of directors, who said that the cryptocurrency market is “a $1 trillion global asset class with over 300 million participants and millions more in demand.”

Should any of these events explain itself to anyone sitting on the sidelines, now’s a good time. buy bitcoin, But, no. The bitcoin price failed to gain any momentum, proving nothing but encouraging and rapid growth.

So what will help give more support to the price of bitcoin? BlackRock is the world’s largest asset manager while Citadel understands To itself to be the “Amazon of financial markets”.

I can’t imagine any more meaningful catalyst that would take bitcoin anywhere close to its all-time high. In other words, Schiff’s victory dance (assuming he’s carrying one) will continue for quite some time, if not indefinitely.

Peter Schiff right on Bitcoin
Peter Schiff right on Bitcoin

But what about El Salvador?

El Salvador’s experiment with bitcoin as a legal tender has passed the one-year mark and to say that it has been successful is a stretch of truth. part of the original pitch From President Nayb Bukele to the global financial community, “Invest here and make all the money you want.”

As a reminder, bitcoin was trading near $47,000 at the time. There is no need to specify its current trading price.

recently, Reuters A study highlighted by the National Bureau of Economic Research (NBER) found that only 20% of the population downloaded the crypto wallet Chivo for free with a $30 credit soon after it was offered to the public. Fast forward to 2022 and there are “almost no downloads.”

The report also states that the local population does I don’t understand bitcoin, nor do they “trust it.” This is on top of the coin’s extreme volatility and high fees. Given El Salvador’s status as a third world country, adding more economic hardship to its people at the expense of bitcoin certainly marks a failure.

Our Data Analyst Dan Ashmore Traveled to El Salvador to see the bitcoin experiment first hand. You can read his great article Here But his observations are more or less in line with the NBER report.

Bitcoin is a complex concept that takes time to understand. In El Salvador, it was declared legal tender overnight without prior warning to the public – announced from a bitcoin conference in Miami. Lack of input from people, and lack of adequate education to tell people how to use it and what it can be beneficial for, have hurt the whole project so far.

But who was right on El Salvador’s bitcoin experiment from day one? You guessed it, everyone’s favorite (or at least favorite) bitcoin bear. schiff Told On RT shortly after bitcoin became legal tender:

El Salvador is in great trouble. They need a dose of free market capitalism. They need massive deregulation, they need less government. They have to unleash the entrepreneurial spirit of that country. And they should embrace capitalism instead of adopting bitcoin. This is the way out of this mess.

I don’t want Peter Schiff to be right but he is

I have nothing against Peter Schiff, he is very well informed and educated on the bitcoin and cryptocurrency market. Much of the hatred directed towards him stems from petty favoritism from Bitcoin Brothers that will not tolerate outside opinion.

I have skin in the game, so it’s in my own financial interest to be wrong with Schiff. My main exposure to bitcoin is a . is through bitcoin mining company Called BitFarms which trades on the Toronto Stock Exchange and Nasdaq.

Like the digital coin, the stock has been down 75% since early 2022 with no respite.

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