BTC Critic Peter Schiff Expresses Doubt On Bitcoin’s Recent Price Rally

One of the popular Bitcoin critics, Peter Schiff, has expressed doubt over the recent price rally of the primary crypto asset, BTC. 

Schiff based his judgment on the recent news regarding the launch of a new crypto exchange by some prominent Wall Street companies. As such, the critic is skeptical about the sustainability of Bitcoin’s price surge on a long-term basis.

Despite being a hater of Bitcoin, Schiff dived into the world of digital assets in May this year. He set his boat on non-fungible tokens (NFTs), which attracted the attention of many in the crypto space.

Schiff Explained The Force Behind BTC’s Price Growth To The $28,000 Region

Bitcoin recently crossed the $28,000 region, and the prominent Bitcoin critic Schiff took to Twitter to down-talk the price growth. Schiff believed the news of the launch of a new crypto exchange sparked BTC’s price rally.

According to him, some Wall Street giant firms like Fidelity Digital Assets, Citadel Securities, and Charles Schwab have rolled out an exchange known as EDX. 

EDX crypto exchange officially opened its trading on Tuesday, June 20, for four crypto assets. The tokens are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

EDX aims to be the crypto platform that would satisfy the requirements of the global most sophisticated financial institutions while participating in the crypto space. It plans to shift its services from the traditional approach of most centralized exchanges. 

In his post, Schiff noted that the emergence of a new crypto platform would provide enthusiasts additional ground to engage in Bitcoin trades and speculations. However, the critic maintained that such a move would not guarantee the sustainability of the price surge for the primary crypto token.

Schiff believes that the new exchange is just another gambling platform for BTC. The critic suggested that people only use Bitcoin trades as high-risk chips. But they can’t hold the token as a secured long-term investment or a reserve of value with stability.

Schiff stated that Bitcoin would not gain value because people now have more ways of gambling with the asset. Notably, Binance CEO Changpeng Zhao (CZ) welcomed Schiff in his tweet, expressing his excitement about Schiff’s conversion.

Bitcoin Price Moves Bullishly Following Recent Developments

The primary digital asset has indicated an impressive performance through its recent price rally. 

Following the past weeks of a bearish trend, Bitcoin has caught hold of some bullish forces that triggered an unexpected price rally for the token. 

Finally, BTC crossed the $28,000 region as of June 20 and entered into the $29,000 level during the trading hours of June 21. At the time of writing, BTC is trading at around $29,563.37, showing a surge of 10.46% over the past 24 hours.

The 7-day price action for Bitcoin indicated an increase of 13.85%.