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Bitcoin Bulls Face Criticism from Peter Schiff

Peter Schiff’s Take on Institutional Demand

In his latest criticism, Peter Schiff has lambasted the notion of institutional demand driving the Bitcoin (BTC) price. He claims that the recent decline in the asset’s value and the wider crypto market proves that institutional demand is nothing more than a myth.

The Criticisms

Peter Schiff’s assertions were fueled by the recent sell-off, which he attributed to the Mt. Gox repayment-related sales. According to him, if institutional demand did exist, firms would have jumped at the chance to buy the Mt. Gox Bitcoin off-market. Instead, they chose not to, exposing the notion of institutional demand as a myth.

Mt. Gox Payout’s Impact

The Mt. Gox payout, which startled the entire market, is believed to have contributed to the recent price decline. This event, combined with macro and industry factors, sent the price of Bitcoin plummeting to new lows. As a result, many investors found themselves caught in the midst of a bearish market, with sentiment plummeting as the total market cap fell below $2.07 trillion.

The Role of Government Sales

Additionally, the German government’s sale of seized Bitcoin led to a further price crash. These events, coupled with the announcement of a nearly $9 billion payment to Mt. Gox creditors, led to a wave of bearish sentiment and a price crash.

Will Institutions Step Up?

According to Peter Schiff, if there was high institutional demand for Bitcoin, firms would have taken steps to prevent the impact on the market. However, this did not occur, and instead, the assets were sent to centralized exchanges alongside other factors, which contributed to the price decline. Many crypto users have pointed to the growing institutional demand, citing this year’s approval of spot Bitcoin ETFs as evidence. This has led institutions to explore Ethereum ETFs and newly filed Solana applications.

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