U.Today – In a recent trade on X, legendary trader Peter Brandt took aim at renowned economist Peter Schiff’s criticism of .
Schiff, a gold bug and crypto critic, had reacted to a certain comment made at the ongoing Bitcoin Conference, stating: “Some guy at the Bitcoin Conference just said that Bitcoin is the world's best kept secret. Promoters have to make their lies believable. Almost everyone knows about Bitcoin. There are 20,000 people at that conference. The biggest annual gold conferences draw about 500 people.”
Schiff's post implied that Bitcoin's widespread recognition and high attendance at Bitcoin conferences contradict claims that it is a “secret.” He also used the comparatively lower attendance at gold conferences to highlight the hype around Bitcoin.
Schiff's comments caught the attention of Brandt, who did not hold back in responding. Highlighting the stark contrast in attendance figures between Bitcoin and gold conferences, Brandt responded: “That's because most of the gold bulls have died.”
Bitcoin Price Action
After falling to lows of $63,412 in Thursday’s trading session, Bitcoin has rebounded strongly and continues to hold onto gains. At the time of writing, BTC was up 1.42% over the past 24 hours to $68,214. If Bitcoin closes in the green, today will mark the third consecutive day of gains.
The outlook remains optimistic, albeit cautious. In a post on X, CryptoQuant CEO Ki Young Ju noted that Bitcoin remains in an accumulation phase, with 358,000 BTC having been transferred to permanent holder addresses over the past month.
Ju also believes that the Bitcoin bull cycle could last until mid-2025, citing that old whales selling during bull markets bring new capital to accumulation addresses, thereby increasing realized prices.
Marathon Digital (NASDAQ:) Holdings, the world’s largest Bitcoin mining company, added $100 million worth of Bitcoin over the past month, bringing its total to over 20,000 Bitcoin. Marathon CEO and Chairman Fred Thiel stated in a July 25 X post that the company will “now go full HODL” in order to hold Bitcoin as its strategic treasury reserve asset.
This article was originally published on U.Today
