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Bitcoin Critic Peter Schiff Reveals Key Reason Behind Latest ATH Milestone

By admin On Dec 16, 2024

The price of Bitcoin jumped to a new all-time high (ATH) of $106,488.25 on Dec. 15 after an almost weeklong consolidation. Breaking the silence on this historic move, Bitcoin critic Peter Schiff said the price probably moved before MicroStrategy made a new purchase. Since soaring to the ATH, the coin has dropped to $104,693.33.

Peter Schiff’s projection

The Bitcoin critic predicted that the market may find out today that Michael Saylor was the buyer who triggered the rapid BTC price surge. He highlighted how this weekly accumulation has been the trend for the past five Mondays, pitching Saylor as a major market mover for the Bitcoin price.

#Bitcoin is at a new all-time high again tonight. Most likely, we will find out tomorrow that @Saylor was the buyer. That seems to be the trend, as it’s happened the last five Mondays in a row.

— Peter Schiff (@PeterSchiff) December 16, 2024

Despite this trend, Peter Schiff has answered direct queries from the community as to why he refused to buy the coin amid expectations of growth.

In a subsequent post, he chided Bitcoin’s influence among buyers overall. He said many new people are buying the coin because they want to get rich. However, he highlighted how unsustainable the cycle is, as those who own BTC refuse to sell.

He contrasted this trend with that of gold. He claimed that those buying gold are doing so to stay rich and not to get wealthy like Bitcoin.

Michael Saylor holds different view

While many people have pointed out the flawed argument around Bitcoin’s criticism by Peter Schiff, Michael Saylor’s stance stands out. Saylor believes Bitcoin is the perfect way to preserve the value of the U.S. dollar.

His belief also hinges on the role of Bitcoin as a hedge against inflation and for sustained wealth generation.

Following what is now known as the Bitcoin standard, MicroStrategy has entered the Nasdaq 100 Index for the first time since its inception. The firm has gained recognition as the first crypto-focused entity to gain that inclusion, setting the pace for others.

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