Schiff’s question drew backlash from the crypto community, with market participants requesting the source of his data.
Renowned Bitcoin critic Peter Schiff has taken a jab at bitcoin’s (BTC) $100,000 price target, questioning if demand for the cryptocurrency’s exchange-traded funds (ETFs) could drive its value to that level.
Communicating his doubts in a tweet, Schiff mentioned the bearish performance of Bitcoin-related equities, including the stocks of crypto exchange Coinbase (COIN), digital asset investment management firm Galaxy Digital (GLXY), business intelligence firm MicroStrategy (MSTR), and Bitcoin mining firm Marathon Digital (MARA).
Schiff Questions Bitcoin’s Price Trajectory
Schiff claimed the value of the Bitcoin-related shares had plunged significantly within an unspecified period. According to the gold proponent, COIN, GLXY, MSTR, and MARA had fallen 26%, 28%, 38%, and 57%, respectively. Others like Valkyrie Bitcoin Miners ETF (WGMI), Bitcoin mining firms Bitfarms (BITF) and Hive Digital (HIVE) had fallen by 42%, 56%, and 62% as well.
“If #BitcoinETFs are really going to send #Bitcoin to $100K or higher, why are all the Bitcoin related equities in bear markets?” Schiff asked.
Contrary to Schiff’s claims, the shares of crypto-related companies have soared alongside the crypto market since the start of the year, outperforming traditional market stocks. These assets only recorded significant declines recently due to the broader market downturn that intensified over the weekend.
A Digital Fool’s Gold
Nevertheless, Schiff’s question drew backlash from the crypto community, with market participants requesting the source of his data.
Bitcoin analyst Willy Woo slammed the critic, saying: “You must be new around here, this is normal par for the course for an asset that should have made you a deca-billionaire when you were recommended it in 2011. Oh wait. Somebody send some love to this man, 13 years of pain he has endured.”
Widely known for rarely missing an opportunity to criticize BTC, Schiff tweeted three days ago that the crypto asset is “clearly” in a bear market after it flash crashed from $67,000 to $61,000.
Schiff said the value of BTC after the fall was worth 26 ounces of gold at current prices, down 30% from its peak in November 2021, when the “digital fool’s gold” was worth 37 ounces of gold.
Meanwhile, crypto analysts believe the market’s current downturn is healthy, and such moves are expected before the next halving takes place.
