Legendary Trader Peter Brandt Reveals What’s Behind Peter Schiff’s ‘Bitcoin is Dead’ Claim

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U.Today – The cryptocurrency’s recent 9.3% price enhance, which exceeded $67,000 per BTC at the end of the week, has sparked novel discussions among financial experts. This is the first significant weekly enhance since early March, following a period of decline after reaching a record high of $74,000 per BTC.

Peter Schiff, a prominent precious metals supporter and cryptocurrency critic, dismissed the importance of Bitcoin’s recovery. He noted that silver has gained more than 21% since the beginning of April, compared to the cryptocurrency’s modest gain of less than 2% over the same period. Schiff argued that silver offers higher yields and deemed Bitcoin a failed investment, saying it was “dead.”

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Veteran trader Peter Brandt responded to Schiff’s comments by advising the public to ignore them. Brandt, known for his analysis of Bitcoin, suggested that Schiff’s statements were intended to make a point rather than truly understand the situation.

Who are you betting on?

In response, Schiff said his views on cryptocurrency are true. He warned of the high risk of investing in Bitcoin, calling it a speculative asset with no intrinsic value. Schiff believes that many investors could face significant losses by betting on the so-called “imaginary horse.”

This public disagreement between Schiff and Brandt highlights an ongoing debate in the financial community about the future of cryptocurrency. As Bitcoin continues to rise and show the potential for significant gains, opinions remain sharply divided.

Which side will win in the long run? Will Bitcoin prove its skeptics wrong, or will customary assets like silver offer more reliable returns?

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This article was originally published on U.Today

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