Bitcoin has reached a new record of $50,000 as institutional support proceeds to pile in the crypto sphere. Peter Schiff, a prominent economist, gold proponent, and one of the most vocal opponents of Bitcoin, admitted that he was mistaken about Bitcoin not hitting $50,000. However, Schiff is still far from being a Bitcoin pioneer. He has revealed that the digital asset may lead to a price mark of $100,000 in the long run.
Bitcoin has recently pulled back somewhat from its highs of $50K. The market experts anticipate Bitcoin to surpass the $50,000 level again and rise to new heights. The number of institutional investors supporting Bitcoin has helped to drive its value higher. At the moment, MicroStrategy, one of the prominent institutional figures to compute Bitcoin to its balance sheet. It has declared that it plans to employ the revenue from its $600 million private offerings to gain more Bitcoin.
Furthermore, Canada’s regulators have approved its second Bitcoin ETF by Evolve, traded on TSX (Toronto Stock Exchange). Topping it up, Tesla unveiled a $1.5 billion BTC purchase, which has drawn renewed interest in the digital asset. Tesla founder Elon Musk’s support of Bitcoin has been impressive for the cryptocurrency industry. Moreover, Elon Musk has recently expressed his desire to generate his cryptocurrency.
Peter Schiff a huge Bitcoin sceptic yet
While various market bulls have adored Bitcoin and have been delighted about the latest milestone, other skeptics have been steadfast in maintaining a more traditional outlook on the digital asset. Further, Gold bull Peter Schiff is amongst the apparently few who have not turned to Bitcoin. Although Schiff realized that he was mistaken about Bitcoin never reaching $50,000, he remains a Bitcoin skeptic. The gold bull named Bitcoin the giant bubble for all.
Schiff is not the only one who suspects cryptocurrencies, as the volatility encompassing digital assets has driven away more than one Wall Street investor. Earlier, Shark Tank entrepreneur Mark Cuban clarified the cryptocurrency sector’s volatility, connecting it to the internet stock bubble in the late 1990s. Although he believes that many cryptocurrencies will be flushed out once a bubble burst happens, Cuban prophesies that Bitcoin and Ethereum will be among the few will persevere and climb to new heights.
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