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Peter Schiff 'Can't Escape' Bitcoin

Published 07/10/2024, 05:28 AM
Updated 07/10/2024, 09:00 AM
© Reuters Peter Schiff \'Can\'t Escape\' Bitcoin

U.Today - Everybody knows Peter Schiff is not the biggest fan of Bitcoin, at least in the public space. However, even the biggest critic of BTC does not miss a chance to share a good laugh about it.

Recently, Schiff visited Istanbul and posted a photo in front of a large Bitcoin advertisement. He shared the image on Twitter with the caption, 'I'm in Istanbul and look what I came across. There are some things you just can't escape from.' The image quickly gathered attention with over 200,000 views in just a few hours.

An established advocate of gold, Peter Schiff, has long expressed doubts about Bitcoin and other cryptocurrencies. He typically accuses Bitcoin of being worthless and extremely volatile making it an unreliable store of value.

Globally, Bitcoin is becoming more and more popular and accepted. Not to mention Turkey is one of the countries that embraces Bitcoin the most with millions of holders and users. The last few days have seen a fair amount of stability in the performance of the Bitcoin market. Promising news as Bitcoin has recently started to rise above the $58,000 mark. This increase follows a period of significant price volatility during which they ranged from $56,000 to $60,000.

Despite the fact that the current momentum indicates that Bitcoin might be prepared for another surge, market sentiment is still cautious. Technically the 200 EMA, a crucial resistance level that traders closely monitor, has been overcome by Bitcoin.

In the event that buying pressure picks up this breakout might indicate a possible upward trend. Many people believe that Schiff secretly loves Bitcoin because of his complex relationships with the cryptocurrency. Regardless of your feelings Bitcoin is more likely to stick around than not and critics like Schiff were mistaken about it in the past. This has been demonstrated by the market's growth throughout time.

This article was originally published on U.Today

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