Peter Schiff thinks that Bitcoin is a risky and easily manipulated asset, so todays rally is not difficult to understand

Peter Schiff thinks that Bitcoin is a risky and easily manipulated asset, so today's rally is not difficult to understand

Bitcoin just reached its daily high of $ 9,485 after a terrible rally. However, the golden bug Peter Schiff still shares the same old tune that Bitcoin is completely dominated by speculation.

Famous gold investor Peter Schiff

Ratio: Bitcoin 1 -0 Peter Schiff

Schiff is famous for being a veteran Bitcoin bear, who predicted the fall of cryptocurrencies in 2011, when it was only two years old.

This feud has been around for nearly 10 years, with a long-standing hostile nature, so unlucky for those who owe him money but could not pay or she "kicked" him when he was young.

After BTC slumped back in March, with plenty of water to spare, he attacked Bitcoin even more. Schiff tweeted that the Bitcoiners had to prepare themselves for a hair cut to half the other one. However, BTC price is currently increasing by over 90% since that tweet.

It is more speculative

Cold-headed market participants may find Schiff's criticism of Bitcoin not unfounded. Bitcoin is actually a very volatile asset, easily manipulated by whales due to its relatively small market capitalization.

After all, BTC rose from a high of 2019 to $ 10,500 and then dropped to an annual low of $ 3,800 in less than a month.

That said, this may be different when exchanges are spot-to-spot with actual exchanges, rather than the derivatives trading (margin) behind the recent price increase.

In fact, BitMEX's open interest rates have reached an all-time low, according to Mohit Sorout.