Legendary trader Peter Brandt reveals what's behind Peter Schiff's claim that 'Bitcoin is dead' by U.Today

U.Today – The recent 9.3% rise in the price of , which took it to surpass $67,000 per BTC at the end of the week, has sparked new discussions among financial experts. This is the first significant weekly increase since early March, following a period of decline after an all-time high of $74,000 per BTC was reached.

Peter Schiff, a prominent precious metals advocate and cryptocurrency critic, downplayed 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 returns and declared Bitcoin a failed investment, saying it is “dead.”

Veteran trader Peter Brandt responded to Schiff's comments by advising the public to ignore them. Brandt, known for his analysis of Bitcoin and , suggested that Schiff's statements were intended to attract attention rather than truly understanding the situation.

Who are you betting on?

In response, Schiff said his views on cryptocurrencies are sincere. She warned of the high risks associated with investing in Bitcoin, calling it a speculative asset with no intrinsic value. Schiff believes many investors could suffer significant losses by betting on what he calls an “imaginary horse.”

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

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

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This article was originally published on U.Today.

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