Peter Schiff Mocks Bitcoin's Surge Beyond $50K, Attributes It to 'Four-Day' Super Bowl And Valentine's Day Exuberance: 'I Wonder When the Massacre Will Begin'

Peter Schiff, a renowned economist and a critic of Bitcoin BTC/USD, has voiced concerns over a potential pump-and-dump scenario in the cryptocurrency market, coinciding with the “ongoing four-day conference” that began on Super Bowl Sunday.

What Happened: Schiff’s post on X, formerly Twitter, on Tuesday indicated his suspicion over the recent hype surrounding the newly listed Bitcoin ETFs. He insinuated that a “massacre” may be looming.

See Also: Flight Attendant Hasn’t Paid Rent For 10 Years, Enjoys ‘Generous Benefit Package’ And Tax-Free Salary

His tweet points to the ongoing festive mood that started on Super Bowl Sunday and is set to conclude on Valentine’s Day.

“It looks like another classic pump-and-dump is going on with #Bitcoin and the @exchangeETF,” Schiff posted.

Why It Matters: The cryptocurrency market has seen a significant surge in Bitcoin’s value, with it even touching the $50,000 mark on Monday, as reported by Benzinga.

This rise is attributed to strong inflows into spot Bitcoin ETFs, which garnered over $1.1 billion in fresh funds last week. The Blackrock iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund reached $3 billion in AUM within their first 30 days, an unprecedented achievement.

However, Schiff’s skepticism seems to stem from the belief that this sudden spike might be a set-up for a sharp fall, a pattern commonly referred to as a pump-and-dump scheme. It should be noted that the economist has previously warned about a news cycle-oriented pump around the time the spot ETFs made their debut.

Price Action: At the time of publishing, Bitcoin traded at $50,101.18, the cryptocurrency touched an intraday high of $50,280.48 during the past 24 hours.

Photo Courtesy: Wikimedia Commons

Read Next: Donald Trump’s Infamous Hush Money Case Involving Stormy Daniels To Come To Forefront Next Month


Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsBitcoinbitcoin ETFKing CryptoPeter SchiffSchiffShivdeep Dhaliwal
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!