😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

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
BTC/USD
-

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.