Peter Schiff, a well-known critic of Bitcoin, has cast doubt on the market projections of a $100,000 price target for the cryptocurrency in the current bull run. Schiff also questioned the demand generated by spot Bitcoin exchange-traded funds (ETFs) in the current market.
In an April 16 post, Schiff highlighted the bearish performance of key Bitcoin-related equity markets, including Coinbase, MicroStrategy, and Galaxy Digital, among others. He pointed out declines in these stocks, questioning why the high demand for Bitcoin is not reflected in the performance of companies linked to it.
However, Schiff did not provide a specific timeline for these losses, despite many Bitcoin and crypto-related stocks outperforming traditional market stocks since the beginning of 2024. The recent downturn in these stocks coincided with bearish momentum in the crypto market.
Schiff’s remarks drew responses from Bitcoin proponents, who debunked his selective use of data. Some pointed out the significant year-on-year gains in MicroStrategy stocks, while others criticized him for comparing Bitcoin’s performance with gold to highlight the growth difference between the two assets.
While gold has reached new all-time highs in the second quarter of 2024, the rise in Bitcoin’s value over the same period has far surpassed it. Additionally, proponents Dan Held and Willy Woo reminded Schiff of his missed opportunity to invest in Bitcoin back in 2013 when it was trading at around $1,000.