Legendary Trader Peter Brandt Fires Back at Schiff's Bitcoin Comment
u.today 27 July 2024 13:15, UTC In a recent exchange on X, legendary trader Peter Brandt took aim at renowned Economist Peter Schiff’s criticism of Bitcoin.
Schiff, a gold bug and a cryptocurrency critic, had reacted to a certain comment made at the ongoing Bitcoin Conference, stating: “Some guy at the Bitcoin Conference just said that Bitcoin is the world’s best kept secret. Pumpers have to at least make their lies believable. Almost everyone knows about Bitcoin. There are 20,000 people at that conference. The biggest annual gold conferences attract around 500.”
Schiff’s post implied that Bitcoin’s widespread recognition and the high attendance at Bitcoin conferences contradict claims of it being a “secret.” He also used the comparatively lower attendance at gold conferences to highlight the hype surrounding Bitcoin.
That’s because most of the gold bulls have died off
— Peter Brandt (@PeterLBrandt) July 26, 2024
Schiff’s comments caught Brandt’s attention, who did not hold back his response. Highlighting the stark contrast in attendance figures between Bitcoin and gold conferences, Brandt responded, “That’s because most of the gold bulls have died off.”
Bitcoin price action
Following a drop to lows of $63,412 in Thursday’s trading session, Bitcoin sharply rebounded and is still sustaining gains. At the time of writing, BTC was up 1.42% in the last 24 hours to $68,214. If Bitcoin closes in green, today will mark the third consecutive day of gains.
The outlook remains optimistic howbeit cautious. In an X post, CryptoQuant CEO Ki Young Ju noted that Bitcoin remains in an accumulation phase as 358,000 BTC were moved to permanent holder addresses over the past month.
Ju also believes that the Bitcoin bull cycle might last until mid-2025, citing that old whales selling during bull markets bring new capital into accumulation addresses, thus raising realized prices.
Marathon Digital Holdings, the world’s largest Bitcoin miner, added $100 million in Bitcoin over the last month, bringing its total to more than 20,000 Bitcoin. Marathon’s CEO and chairman, Fred Thiel, stated in a July 25 X post that the company will “now go full HODL” to keep Bitcoin as its strategic treasury reserve asset.
