Critic of bitcoin and well-known gold bug The recent Bitcoin rise that raised the world’s most valuable cryptocurrency by market capitalization to $28,000 has been called into question by Peter Schiff.
The announcement that Wall Street heavyweights like Charles Schwab, Fidelity Digital Assets, and Citadel Securities were endorsing a new cryptocurrency exchange named EDX sparked this quick spike.
Schiff’s continued scepticism about the exchange’s ongoing demand suggests that increasing the trading options for Bitcoin won’t increase long-term interest in the leading cryptocurrency.
According to Schiff, the exchange is a gaming table for Bitcoin, and the digital currency is being used more as a high-risk playing card than as a secure long-term investment or reliable store of value. Schiff is adamant that, unlike gold, Bitcoin has no intrinsic value and is subject to the whims of the market.
The goal of EDX, which currently offers trading for four crypto assets, including Bitcoin and Ether, is to satisfy the needs of the most advanced financial institutions in the world that wish to experiment with crypto.
This innovative platform shows a shift in Wall Street corporations’ typically cautious attitude towards cryptocurrency. Schiff, a longtime opponent of Bitcoin, believes that this change may just be temporary.
Schiff’s warning is not without merit. The cryptocurrency ship has recently survived a number of storms, including the demise of FTX and recent SEC legal actions against significant companies like Binance and Coinbase.
The gold bug’s position is not surprising, but many in the cryptocurrency industry view the involvement of large financial institutions as a significant step towards general adoption following a number of failures.
