- Peter Schiff tweets that it’s amusing to read the Bitcoin pumper’s excuses as to what stopped Bitcoin’s rally recently.
- He also thinks that, to some extent, the institutional investors are manipulating the price of Bitcoin.
- He mentioned in a recent tweet that after 107 years, Gold has appreciated by 99%, and it has hit the $1900 mark.
Gold Bug, Peter Schiff mentioned in his recent tweet that it’s amusing to read the Bitcoin pumper’s excuses as to what stopped Bitcoin’s rally recently. He further said that one of the explanations for this might be the institutional investors stepping into the cryptocurrency industry. Consequently, the Bitcoin volatility gets smoothen out. He also thinks that, to some extent, the institutional investors are manipulating the price of Bitcoin. By doing so, they are accumulating coins.
It's laughable reading #Bitcoin pumper's excuses for Bitcoin's failure to rally. One "explanation" is that all the institutional buyers entering the market are smoothing out the volatility. Another is that big investors are manipulating the price down so they can accumulate more.
— Peter Schiff (@PeterSchiff) July 24, 2020
Schiff Says Gold Has Appreciated By 99% Since 1972 And Is Rallying
Peter Schiff is a renowned economist, and he is a chief global strategist and the CEO of Euro Pacific Capital Inc., a broker-dealer. The gold advocate has been biased towards Bitcoin in many instances. He has always considered gold as a safer and profitable commodity when compared to Bitcoin. In his most recent gold appraisal, he said that in 1792, Gold’s price was $19.39 per ounce. After 121 years, when the Federal Reserve Act was released, it’s price rose to $20.67. After 107 years, Gold has appreciated by 99%, and it has hit the $1900 mark. He is expecting that the last 1% appreciation will be a game-changer.
In 1792 #gold was $19.39 per ounce. By the time the Federal Reserve Act was passed 121 years later in 1913 the price of gold had risen to $20.67. Today the price closed above $1,900. It took the Fed 107 years to destroy 99% of the dollar’s value. The last 1% will be the killer!
— Peter Schiff (@PeterSchiff) July 24, 2020
Institutional Investors’ Demand Rise Since The March’s Black Thursday
Schiff has claimed that institutional investors are responsible for the manipulation of Bitcoin’s price. However, according to some on-chain features, the institutional demand was gradually increasing in the first three months of the year. But from March to June, the demand saw a faster increase. People think that the main reason for the sudden appreciation of demand could be March’s market crash when BTC’s price fell $3600 and BTC’s futures contracts worth $1 billion were liquidated. However, in the next three days, the retail volumes in platforms like Coinbase considerably increased. Seeing this, institutional investors also bought a large amount of BTC shares during this recovery.
As of now, Bitcoin is trading at $9,588.62 and is up by 0.27% in the last 24 hours. The daily high is $9,646.96, and the 24-hour trade volumes stand at $35.96 billion. The on-chain features of Bitcoin are bullish and imply that it is targeting the $10000 mark.
