Peter Schiff: Bitcoin's Surge - Uncovering the Factors Driving the Increase
Going After Saylor's Strategy, Schiff Takes Aim at Bitcoin's Surge
Got a bone to pick with Michael Saylor? So does old-school Bitcoin skeptic Peter Schiff!
In response to Saylor's tweet on April 28 about Strategy's $1.42 billion Bitcoin acquisition, Schiff couldn't resist throwing some shade, saying, "So now we know why Bitcoin rallied so much. I wonder how much longer it will take for your average price to be above the market price."
Why's Schiff grumpy? Well, Strategy now hoards a whopping 553,555 BTC, costing nearly $37.9 billion. That's some serious buying power, leading to a BTC yield of 13.7% year-to-date!
Key Demand Catalysts Unveiled by Schiff
In late March, Schiff spilled the beans on the two major sources fueling Bitcoin demand—one being, you guessed it, Strategy's aggressive Bitcoin accumulation!
Over the past week, Bitcoin soared for seven straight days, reaching heights over $95,976 before settling into range trading. As Bitcoin reclaims the $94,000 mark, Schiff credits the rally to Strategy's monstrous Bitcoin acquisition. Another player in this game of musical chairs, though not mentioned by Schiff, was ETF-driven inflows.
ETF Inflows Gain Momentum
Crypto enthusiasts jumped back into the market last week, riding a wave of Bitcoin.
BlackRock's Bitcoin ETF Set to Rule the Roost, Predicts Strategy CEO
Last week, Bitcoin and Ethereum-tracked ETFs took in over $3.2 billion, with BlackRock's iShares Bitcoin Trust ETF bagging a record $1.5 billion—the most this year, according to Bloomberg.
Other Bitcoin-focused funds received hefty contributions, too. Investors pumped over $620 million into the ARK 21Shares Bitcoin ETF and over $574 million into the Fidelity Wise Origin Bitcoin Fund.
This wave arrived simultaneously with a surge in traditional risk assets, such as the S&P 500. With Bitcoin rising nearly 8% weekly, it's clear that crypto investors are feeling pretty bullish lately!
#Bitcoin #Peter Schiff
- Peter Schiff, a longtime Bitcoin skeptic, criticized MicroStrategy's massive Bitcoin acquisition of $1.42 billion, suggesting that it artificially inflated the price of Bitcoin.
- Schiff pointed out that the average price of Bitcoin is still below the market price, implying that the surge in Bitcoin's value is due to strategic acquisitions rather than organic demand.
- In late March, Schiff identified two major sources driving Bitcoin demand: aggressive Bitcoin accumulation by companies like MicroStrategy and ETF-driven inflows.
- Over the past week, Bitcoin has seen a significant rally, reaching over $95,976, and Schiff attributes this rally partially to MicroStrategy's massive Bitcoin acquisition.
- Last week, Bitcoin- and Ethereum-tracked ETFs saw record inflows, with BlackRock's iShares Bitcoin Trust ETF taking in a staggering $1.5 billion, aided by a broader surge in traditional risk assets such as the S&P 500, making it a bullish time for cryptocurrencies.
