Bitcoin Detractor Peter Schiff Explains What Will Drive Bitcoin Recovery


Peter Schiff is one of the most vocal opponents of bitcoin known to investors. The economist has never been one to hide his disdain for digital assets and continues to bash every chance he gets. This time, Schiff, who has always touted the superiority of other forms of investment such as stocks over bitcoin, has revealed what he believes will push the digital asset back up.

Bitcoin needs the Nasdaq

As always, Peter Schiff continues to push the utility of other assets like stocks over bitcoin. In his last tweet on twitterThe platform of choice for the economist to share general comments about the financial platform and bitcoin, he explained a scenario where the price of bitcoin would start to rise.

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Schiff explained that for BTC to start an uptrend again, it largely depends on the movements of gold and the NASDAQ. The economists argue that a rise in the NASDAQ would inadvertently lead to a rise in the price of bitcoin. On the other hand, gold, which is currently one of the digital asset’s fiercest competitors, should fall, Schiff said.

BTC settles above $39k | Source: BTCUSD on TradingView.com

He went on to explain that the Fed’s success in curbing growing inflation was relevant here. As long as the Fed is able to safely bring inflation down to 2% without harming the economy, the scenario outlined above was likely. For this to happen, there must be “minimal interest rate hikes and major cuts in government spending,” the tweet read.

But why buy BTC?

In normal Schiff fashion, the economist showed no support of any kind for BTC, despite believing the price would rise along with the NASDAQ. For Schiff, in a scenario like this, it would simply not be necessary to buy bitcoin, stating “why own bitcoin in that scenario?”

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Schiff has never been a fan of bitcoin and despite the digital asset’s outperformance over the years, he continues to dispense it at every turn. In 2020 the It is noted that one economist refers to the cryptocurrency as the “biggest” bubble he has ever seen† Also make in the same year comments that BTC was a “craze” and headed for zero. However, since both comments were made, bitcoin has more than doubled in value.

Featured image of Decrypt, chart from TradingView.com



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