Peter Schiff Throws Jab at Bitcoin Amid Price Volatility

Peter Schiff is at it again, throwing negative comments at Bitcoin BTC $108 837 24h volatility: 0.0% Market cap: $2.17 T Vol. 24h: $38.07 B while highlighting the performance of gold. Unfortunately, the flagship cryptocurrency is back below $110,000 just weeks after it attained a new all-time high (ATH) above $123,000. It is on this basis that the gold proponent made his post on X.

Peter Schiff Predicts Bitcoin to Hit $75,000

In recent days, Bitcoin has not been at its best as it has lost a sizable percentage of its price gain.

According to CoinMarketCap, BTC price is currently at $108,990.94, even with a 0.54% increase within the last 24 hours. Also, its market capitalization is at $2.17 trillion, while its 24-hour trading volume is up by 32.49% and sits at $59.6 billion.

Schiff chose this time to highlight the underperformance of BTC and went further to compare it with gold and silver. These two traditional assets have risen significantly amid the ongoing broader crypto market downtrend. The anti-BTC businessman claimed that gold had gone up by $35, trading at $3,480.

Also, he noted that Silver raked in more than $0.70 and is now trading at $40.50. On the flip side, Peter Schiff hinted at the possibility that the BTC price may go down further. The economist is largely known for being so pessimistic about the firstborn digital asset, and he misses no opportunity to be vocal about it.

While his goal is to discourage investors from taking a slice of the Bitcoin pie, it is worth noting that many crypto enthusiasts doubt his prediction. Last week, he forecasted that BTC is headed for a bearish turn and may reach $75,000 in no time. In his opinion, he expected the hype and corporate buying of Bitcoin would not help in pushing the coin’s price higher.

This was not the case, and it led Schiff to say that “this weakness should be cause for concern.” Immediately, he advised his followers to seize the opportunity and ditch BTC while its price is still above $100,000.

Not too long after, an X user responded, stating that Schiff’s negative predictions about Bitcoin never became a reality.

Bitcoin Whale Converts Holdings to Ethereum

Meanwhile, some BTC whales have been demonstrating a loss of confidence in the coin.

Rather, they are investing their assets into Ethereum, acquiring a large stash of the second-largest cryptocurrency by market cap. On Sept. 1, one mysterious Bitcoin OG allegedly sold 2,000 BTC and went ahead to convert it into 48,942 ETH in the spot market.

The offloaded BTC was worth approximately $215 million, based on the current market value of the coin. Consequently, the whale now has a total Ethereum ETH $4 357 24h volatility: 2.5% Market cap: $526.84 B Vol. 24h: $27.13 B holdings of 886,371 ETH, valued at over $4.07 billion. Apart from the pivot from Bitcoin, the transaction highlights the growing institutional adoption of Ethereum.

With such an outlook, the price of ETH may skyrocket soon. Even popular crypto trader Wagmi wrote on X that Ethereum looks “ready for a big move.”

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