- Peter Schiff criticizes and claims that Bitcoin is missing inflation-hedges credibility and stability.
- Kevin O’Leary and Senator Lummis defended the growing market and policy relevance of Bitcoin.
In a movement that nobody surprised, old bitcoin [BTC] Critic Peter Schiff has been brought to social media again to challenge the legitimacy of the King Coin.
Schiff’s criticism of Bitcoin
In his last position, Schiff held doubts about the role of Bitcoin as an inflation hedge, with the argument that the recent price behavior undermines that story.
Known for his non -repellent support for gold, Schiff compared Bitcoin’s performance with that of technical shares and claimed that it lacks the stability and characteristics of a real value storage.
To X, Schiff noted”
“It should be clear from the recent price action that claims that Bitcoin has been disconnected from the Nasdaq and now acts more as gold is incorrect. If you are worried about inflation and want to protect your purchasing power gold. If you want to bet on the Nasdaq, you simply buy technical shares.”
Why does Schiff believe more in gold than in Bitcoin?
He argued that the recent price movements of the asset are more driven by speculative trade and changing macro -economic conditions than by some fundamental monetary strength.
Schiff went one step further to warn that Bitcoin may not offer long -term protection in the long term, usually associated with traditional safe port activa such as gold.
His criticism, however, met Swift Pushback of the crypto community.
The community is against Schiff’s argument
Billionaire investor Kevin O’Leary, in a recent interview with a publication, challenged Schiff’s claims directly, which emphasized a growing divergence in views between traditional financial loyal supporters and digital assets.
He said,
“#Bitcoin is the only crypto who will buy billions of people.”
Senator Cynthia Lummis has added to the momentum on the policy relevance of Bitcoin, has weighed In with a daring proposal that links Bitcoin to national tax reform.
She expressed her support for the Bitcoin Act, which suggests that it could serve as a strategic tool to tackle the debts of the United States of $ 36 trillion.
Lummis emphasized that with the current administration that shows openness against digital assets, now that the time is to seriously consider such alternatives.
Although details about the law are limited, its approval means an important shift.
Bitcoin’s price promotion
In the meantime, the recent price promotion of Bitcoin has added a layer to the current debate.
Despite a slight dip of 0.64%, BTC was trade For $ 96.201.18, maintaining a strong position after the beginning of May with a Bullish Close for $ 97,406.
This upward movement marks an important outbreak above an important level of resistance, one that Bitcoin had difficulty holding since the end of February.
That is why, since Bitcoin, his position, both in price and in policy relevance, the long -term role in the financial ecosystem is still more difficult to ignore, both in price and policy relevance.