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Legendary trader Peter Brandt reveals what’s behind Peter Schiff’s claim that ‘Bitcoin is dead’
Gamza Khanzadaev
Legendary trader Peter Brandt disputes Peter Schiff’s claim that ‘Bitcoin is dead,’ fueling debate over the cryptocurrency’s future
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The recent increase of 9.3% in price of Bitcoin, which surpassed $67,000 per BTC by the end of the week, sparked new discussions among financial experts. This is the first significant weekly increase since early March, following a period of decline after reaching an all-time high of $74,000 per BTC.
BTC to USD by CoinMarketCap
Peter Schiff, a prominent precious metals advocate and cryptocurrency critic, dismissed the significance of Bitcoin’s recovery. He noted that silver has gained more than 21% since the start of April, compared to the cryptocurrency’s modest gain of less than 2% over the same period. Schiff argued that silver offers higher returns and stated so Bitcoin a failed investment, saying it is “dead”.
Veteran trader Peter Brandt responded to Schiff’s comments by advising the public to ignore them. Brandt, known for his analysis of Bitcoin and Ethereumsuggested that Schiff’s statements were aimed at attracting attention rather than truly understanding the situation.
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He suggested that despite his criticisms, Schiff understands the value of cryptocurrencies, but prefers to promote silver due to his long-standing preferences. Brandt accused Schiff of overplaying silver’s recent performance to weaken BTC.
In response, Schiff said his views on cryptocurrency are sincere. He warned of the high risks associated with investing in Bitcoin, calling it a speculative asset with no intrinsic value. Schiff believes that many investors could suffer significant losses by betting on what he calls an “imaginary horse.”
This public disagreement between Schiff and Brandt highlights the ongoing debate in the financial community about the future of cryptocurrency. As Bitcoin continues to strengthen and show the potential for significant gains, opinions remain sharply divided.
Which side will win in the long run? Will Bitcoin prove its skeptics wrong, or will traditional assets like silver offer more reliable returns?
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.