Peter Schiff Reveals Who Pumped Bitcoin (BTC) to $99,180
The post Peter Schiff Reveals Who Pumped Bitcoin (BTC) to $99,180 appeared on BitcoinEthereumNews.com.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Peter Schiff, a vocal opponent of Bitcoin and supporter of gold, has shared his thoughts on the cryptocurrency’s recent explosive surge to $99,180. According to Schiff, the publicly traded company, MicroStrategy, which is well known for its aggressive Bitcoin acquisition strategy, is the main buyer behind the current Bitcoin pump. Schiff cited the most recent financial move made by MicroStrategy, which involved raising $3 billion through convertible debt in order to increase its holdings of Bitcoin. He proposed that the current surge in Bitcoin might have been fueled by this infusion of liquidity into the market. Schiff cautions that the game will end when MicroStrategy runs out of suckers willing to buy its overpriced shares and lend it money. BTC/USDT Chart by TradingView Schiff has frequently attacked Bitcoin, referring to it as a speculative bubble, but his comments also show how institutional players like MicroStrategy influence the price dynamics of the cryptocurrency. Bitcoin has long been associated with MicroStrategy’s corporate identity. The company has raised billions of dollars through debt offerings to strengthen its cryptocurrency portfolio and uses Bitcoin as a treasury reserve. Related The recent spike in the price of Bitcoin, which reached a high of $99,180, represents a critical turning point in the asset’s recovery from its protracted bear market. Bitcoin has been continuously rising…
Filed under: News - @ November 22, 2024 10:25 am