Veteran Trader Peter Brandt Claps Back at Schiff’s Critique of Bitcoin

Legendary trader Peter Brandt engaged with the remarks Peter Schiff made on Bitcoin.

Renowned trader Peter Brandt has recently critiqued the views of economist Peter Schiff who is a skeptic of Bitcoin. Schiff reacted to a statement made at the Bitcoin Conference, challenging the notion that Bitcoin is an undiscovered gem. He sarcastically remarked, “At the Bitcoin Conference, an attendee claimed Bitcoin is the most underrated asset. Credible lies at least have some believability. Bitcoin is known by virtually everyone, as evidenced by the 20,000 people at the event, in contrast to the largest annual gold conference drawing merely 500.”

Schiff’s words suggest that the high turnout at Bitcoin events and its broad recognition undermine the idea that it is a well-guarded secret. He used the lower number of participants at gold conferences to underscore the enthusiasm Bitcoin has sparked in comparison.

The critique did not go unnoticed by Brandt, who contrasted the popularity of Bitcoin conferences to those of gold with a wry response, saying: “The reason is most gold enthusiasts are no longer with us.”

Bitcoin Market Developments

After a decline to $63,412 during Thursday’s trading, Bitcoin quickly recovered and continues to see positive momentum. Currently, BTC has risen 1.42% over the previous day to a value of $68,214. Should Bitcoin end the day on a high note, it would mark the third successive day of gains.

While the sentiment remains cautiously optimistic, CryptoQuant CEO Ki Young Ju highlights in an online post that Bitcoin is in a phase of accumulation with 358,000 BTC recently transferred into long-term holding wallets.

Ju also anticipates that the ongoing Bitcoin boom could persist until mid-2025. He explains that when seasoned investors sell during bull markets, it introduces fresh capital into the market, thereby bolstering realized prices.

Marathon Digital Holdings, a leading Bitcoin mining company, has augmented its Bitcoin reserves by $100 million over the past month. Their holdings exceed 20,000 Bitcoin. Fred Thiel, CEO and Chair of Marathon, conveyed in a post dated July 25 that the firm intends to maintain its Bitcoin reserve, adopting a full “HODL” strategy.

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