Notable economist and financial personality Peter Schiff is back with his eccentric comments on Bitcoin and the overall cryptocurrency market.
Moving on to X, Schiff dissected the Bitcoin story, adding how Bitcoin's rise is overshadowing gold and silver's bullish phases.
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Schiff Disposes Bitcoin Again
Peter Schiff, a leading economist, has attracted global attention by making his Bitcoin-centric views known to the world. The economist took to X to share a different view, adding that Bitcoin's rise to $78,000 overshadows the bullish momentum of the gold and silver rally.
Schiff later called Bitcoin's current price increase “insignificant,” adding that the current Bitcoin rally is suppressing the massive price increases documented in the gold and silver sectors.
The economist was later blamed for BTC's current price surge, reiterating how this surge would keep American and European investors on the sidelines.
“The significance of the rally in gold and silver is overshadowed by the insignificant rise of bitcoin. That will keep most US and European investors on the sidelines, while emerging market investors and central banks rush into still-cheap precious metals.”
Schiff's take on Ethereum ETF
In a new tweet on X, Schiff gave his fresh take on Ethereum ETFs. The economist was quick to dismiss the build-up of Ethereum ETFs, adding that the money invested in ETH ETFs will ultimately come from the funds allocated to Bitcoin ETFs.
“Bitcoin was reinvigorated by rumors that an #Ethereum ETF is likely to be approved. But any money to buy new Ether ETFs will most likely come from existing Bitcoin ETFs. Investors who have decided to make an allocation to crypto will not increase that allocation to buy Ether.”
Schiff's tweet received a compelling mix of reviews, including another analyst contradicting Schiff's views on the Ethereum ETF.
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“Peter… The price of Bitcoin is not going up because of Ether. The price of Ether goes up because of Bitcoin. If you don't understand this, your opinion doesn't matter.”
Schiff has long been known as a staunch supporter of resources, and often known so criticize Bitcoin and the overall cryptocurrency market.