Summary
- Peter Schiff argued the Bitcoin rally is a bubble caused by political interests and Wall Street's capital inflows, not a natural market flow.
- He disputed the mainstream narrative that Bitcoin protects investors from inflation or a decline in the dollar's value.
- He also stated that the rise in Bitcoin's price is the result of political and financial manipulation, not genuine market demand.
Economist and gold advocate Peter Schiff (Peter Schiff) claimed the Bitcoin (BTC) rally is a "bubble" inflated by political interests and inflows of Wall Street funds.
On the 4th (local time), Schiff told Cointelegraph in an interview, "The recent Bitcoin bull market is not a naturally occurring market flow but is being sustained by political influence in Washington and Wall Street's self-interest."
He disputed the mainstream narrative that Bitcoin protects investors from inflation or a decline in the dollar's value. He added, "The financial power structure that Bitcoin originally sought to oppose is now propping up the asset," and "The rise in Bitcoin's price is the result of political and financial manipulation, not genuine market demand."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
