{"id":410629,"date":"2023-06-21T16:50:28","date_gmt":"2023-06-21T16:50:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=410629"},"modified":"2023-06-21T17:00:06","modified_gmt":"2023-06-21T17:00:06","slug":"btc-critic-peter-schiff-expresses-doubt-on-bitcoins-recent-price-rally","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/btc-critic-peter-schiff-expresses-doubt-on-bitcoins-recent-price-rally","title":{"rendered":"BTC Critic Peter Schiff Expresses Doubt On Bitcoin\u2019s Recent Price Rally"},"content":{"rendered":"

One of the popular Bitcoin critics, Peter Schiff, has expressed doubt over the recent price rally of the primary crypto asset, BTC.\u00a0<\/span><\/p>\n

Schiff based his judgment on the recent news regarding the launch of a new crypto exchange by some prominent Wall Street companies. <\/span>As such, the critic is skeptical about the sustainability of Bitcoin\u2019s price surge on a long-term basis.<\/span><\/p>\n

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.<\/span><\/p>\n

Schiff Explained The Force Behind BTC\u2019s Price Growth To The $28,000 Region<\/h2>\n

Bitcoin recently crossed the $28,000 region, and the prominent Bitcoin critic <\/span>Schiff took<\/span><\/a> to Twitter to down-talk the price growth.\u00a0<\/span>Schiff believed the news of the launch of a new crypto exchange sparked BTC’s price rally.<\/span><\/p>\n

According to him, some Wall Street giant firms like Fidelity Digital Assets, Citadel Securities, and Charles Schwab have rolled out<\/a> an exchange known as EDX.\u00a0<\/span><\/p>\n

EDX crypto exchange <\/span>officially opened<\/span><\/a> its trading on Tuesday, June 20, for four crypto assets. The tokens are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).<\/span><\/p>\n

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.<\/span>\u00a0It plans to shift its services from the traditional approach of most centralized exchanges.\u00a0<\/span><\/p>\n

In his post, Schiff noted that the emergence of a new crypto<\/a> platform would provide enthusiasts additional ground to engage in Bitcoin trades and speculations.\u00a0<\/span>However, the critic maintained that such a move would not guarantee the sustainability of the price surge for the primary crypto token.<\/span><\/p>\n

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.\u00a0<\/span>But they can\u2019t hold the token as a secured long-term investment or a reserve of value with stability.<\/span><\/p>\n

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

Bitcoin Price Moves Bullishly Following Recent Developments<\/h2>\n

The primary digital asset<\/a> has indicated an impressive performance through its recent price rally.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

\"BTC\"
Source: Tradingview.com<\/figcaption><\/figure>\n

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. <\/span>At the time of writing, BTC is <\/span>trading<\/span><\/a> at around $29,563.37, showing a surge of 10.46% over the past 24 hours.<\/span><\/p>\n

The 7-day price action for Bitcoin indicated an increase of 13.85%.\u00a0<\/span><\/p>\n

\n <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

One of the popular Bitcoin critics, Peter Schiff, has expressed doubt over the recent price rally of the primary crypto asset, BTC.\u00a0 Schiff based his […]<\/a><\/div>","protected":false},"author":1929,"featured_media":410631,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[734,5319,8797],"class_list":["post-410629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-bitcoin","tag-btc","tag-peter-schiff"],"acf":[],"yoast_head":"\nBTC Critic Peter Schiff Expresses Doubt On Bitcoin\u2019s Recent Price Rally - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"One of the popular Bitcoin critics, Peter Schiff, has expressed doubt over the recent price rally of the primary crypto asset, BTC.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BTC Critic Peter Schiff Expresses Doubt On Bitcoin\u2019s Recent Price Rally\" \/>\n<meta property=\"og:description\" content=\"One of the popular Bitcoin critics, Peter Schiff, has expressed doubt over the recent price rally of the primary crypto asset, BTC.\u00a0\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T16:50:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T17:00:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/06\/btce2-min-scaled-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anthonia Isichei\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anthonia Isichei\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629\"},\"author\":{\"name\":\"Anthonia Isichei\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/2efc2116c72616ac0a11773577124f53\"},\"headline\":\"BTC Critic Peter Schiff Expresses Doubt On Bitcoin\u2019s Recent Price Rally\",\"datePublished\":\"2023-06-21T16:50:28+00:00\",\"dateModified\":\"2023-06-21T17:00:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629\"},\"wordCount\":483,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/06\/btce2-min-scaled-1.jpg\",\"keywords\":[\"Bitcoin\",\"btc\",\"Peter Schiff\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/410629\",\"name\":\"BTC Critic Peter Schiff Expresses Doubt On Bitcoin\u2019s Recent Price Rally - 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