Peter Schiff criticizes U.Today's Mike Novogratz's Bitcoin bull prediction


U.Today – Popular financial expert and banker Peter Schiff has taken aim at crypto mogul Mike Novogratz's recent bullish forecast for the month and questioned the validity of Novogratz's claims. Schiff, who is known for his skepticism about the leading cryptocurrency, has questioned Novogratz's prediction that the influx of buyers via Bitcoin ETFs will drive the digital asset's value to new heights.

Responding to Novogratz's statement that buyers of Bitcoin ETFs, many of whom are new to the crypto space, will act as long-term holders, Schiff dismissed that notion and instead characterized them as mere opportunistic traders.

He pointed out that these newcomers, whom he dubbed “Johnny-come-in-letly” buyers, lacked the conviction of true Bitcoin believers and were merely testing the waters. Schiff suggested that these investors would likely flee at the first sign of adverse market conditions.

Schiff's skepticism goes beyond Novogratz's prediction and also extends to broader implications for Bitcoin stocks. He pointed to a downturn in various Bitcoin-related stocks, including Coinbase (NASDAQ:) COIN, GLXY, MSTR, WGMI, MARA, BITF and HIVE, and questioned why these assets are struggling despite the supposedly bullish sentiment surrounding Bitcoin ETFs have.

Peter Schiff's criticism fuels the ongoing debate about the future development of Bitcoin and the possible impact of institutional investment vehicles such as ETFs. While Novogratz remains bullish on Bitcoin's prospects, Schiff's critical stance once again highlights the differing opinions in financial circles regarding the cryptocurrency's long-term prospects and investment appeal.

This article was originally published on U.Today


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