Bitcoin (BTC) critic Peter Schiff questions its status as “safe haven asset” after Elon Musk’s tweets

Bitcoin (BTC) came under heavy pressure and lost more than 10% after Elon Musk suggested that Tesla could get rid of its Bitcoin holdings in the future. “Indeed,” Musk appears to have a strong influence in the crypto space and this has been reflected in the past few weeks and months.

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At the time of going to press, BTC is trading down 10.98% to a price of $ 42,958 with a market cap of $ 815 billion. In the past 24 hours, over $ 100 billion has been eroded by Bitcoin’s valuations.

This gave Bitcoin critics like Peter Schiff a golden opportunity to push forward their Bitcoin (BTC) bashing claims. Schiff has continued to question Bitcoin’s status as a legitimate money and a “safe haven” if one person can have so much influence over its price movement.

Schiff prefers gold to bitcoin

Schiff has always preferred the yellow metal Gold to Bitcoin and has denounced each time that Bitcoin is a store of value. Writing further on this subject, Schiff noted:

“Bitcoin (BTC) is clearly not a store of value because it has no real value to store. But since some people are willing to buy it anyway, it has a price tag, which gives it market value. Bitcoin has lost 1/3 of its market value over the past month. How does that qualify it as a store of value? “

Over the past few weeks, Bitcoin has broken through crucial support levels as the whales have deposited large amounts on the exchanges. Adding to the woes of investors, Elon Musk recently played a bigger spoiler. but some market analysts and industry veterans believe Bitcoin will rebound once the dust settles. In his recent tweet: Binance CEO Changpeng Zhao writes:

Since Bitcoin (BTC) and the overall crypto market have shown similar movements with the stock market, Chinese analyst Wu Blockchain writing:

“Elon Musk’s inconsistent remarks on Tesla’s bitcoin sale caused Bitcoin to drop to a low of 44,260, but the Nasdaq index rose 2.3%, and Bitcoin is expected to continue to rebound.”

Looking at the price volatility, it is difficult to suggest that the formation of the bottom has ended or that there could be a further correction in the future.

Disclaimer

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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