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Amidst Bitcoin’s Downward Rally, Peter Schiff Criticizes the Market

The world’s most famous cryptocurrency, Bitcoin, has come under pressure after a series of tweets by the SpaceX founder Elon Musk criticized the token and described it as a “highly centralized digital asset.”

The impact of the tweets was seen in the market as the BTC plunged more than ten percent and lost more than $100 billion in the market. As of now, the digital asset has a market cap of more than eight hundred billion.

Musk’s criticism proved to be a golden chance for the longtime Bitcoin critic Peter Schiff to further question the digital asset’s value and its highly volatile nature. He further questioned BTC’s status as a safe-haven asset, citing that one person’s tweet can have so much impact on the currency’s value.

Over the years, Peter Schiff has put gold over its so-called “killer” and has continuously denounced the number one crypto asset as a store of value. Although BTC has broken all crucial support levels in the last week, crypto experts have suggested that the token is likely to bounce back anytime soon.

Not only that, amidst the currency saga around Bitcoin, the top official of
Binance also took to Twitter, defending the digital assets’ market and its most famous digital token, arguing the fluctuation has always been a part of the market. 

Meanwhile, some blockchain experts have suggested that the BTC is likely to bounce back as its progress has been similar to the stock market. Following Musk’s remarks, the crypto market plunged, while the Nasdaq index surged nearly two percent, giving investors hope that BTC might gain back its value. 

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