Peter Schiff 'Can't Escape' Bitcoin
u.today 10 July 2024 09:58, UTC 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 could not resist snapping 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 garnered attention, racking up over 200,000 views in just a few hours.
I’m in Istanbul and look what I came across. There are some things you just can’t escape from. pic.twitter.com/TCPUVaNTcN
— Peter Schiff (@PeterSchiff) July 9, 2024
Prominent gold supporter Peter Schiff has long expressed his doubts about Bitcoin and other cryptocurrencies. His regular argument is that Bitcoin is too volatile and has no intrinsic value to be a trustworthy store of value.
Schiff’s encounter in Istanbul serves as a humorous reminder of Bitcoin’s widespread presence even in light of his criticism. Bitcoin’s popularity and adoption continue to grow globally. Additionally, it is known that Turkey is one of the most Bitcoin-friendly countries out there, with millions of holders and users.
The market performance of Bitcoin has been interesting in the interim. Bitcoin recently resumed its ascent above the $58,000 threshold, indicating a positive trend. Following a period of notable volatility during which prices vacillated between $56,000 and $60,000, this increase has occurred.
Although the current momentum points to the possibility that Bitcoin is about to stage another rally, the market is still cautious. Technically speaking, Bitcoin has succeeded in rising above the 200 EMA, a crucial resistance level that is regularly monitored by traders. If there is more buying pressure, this breakout might indicate a possible upward trend.
Overall, the relationship between traditional financial figures and cryptocurrencies is complex and often contradictory, as evidenced by Schiff’s tweet. Regardless of your feelings toward it, Bitcoin is here to stay despite the doubts of critics like Schiff. This is indicated by the market’s growth throughout the years.
