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Bitcoin Critic Calls 'Institutional Demand' A Myth Following Recent Price Slump
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Critic Calls ‘Institutional Demand’ A Myth Following Recent Price Slump

Semilore Faleti
Semilore Faleti
11 months ago
3 mins read
Bitcoin

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Popular Bitcoin critic Peter Schiff dismisses claims of growing institutional interest in the maiden cryptocurrency. Schiff’s challenging statement comes following the recent Bitcoin market sell-off which resulted in a 10% price decline on Friday.

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11 months ago

Peter Schiff Claims Little Institutional Demand For Bitcoin

According to blockchain analytics platform Lookonchain, the German and US governments, and defunct crypto exchange Mt. Gox have moved a combined 17,788 Bitcoin valued at $1.08 billion to exchanges since June 19. 

In particular, the German government has sold parts of its BTC holdings every day since the start of July transferring out a substantial 3,000 BTC, worth around $175 million, on Thursday. The constant sell-off by the German and US authorities coupled with Mt. Gox repayments to creditors which are expected to be sold, soon resulted in massive selling pressure on BTC, forcing the token’s price down from $60,097 on Thursday to as low as $53,971 on Friday.

Commenting on this event, Schiff stated in an X post on Saturday, that Bitcoin’s price slump demonstrated that the institutional demand for the market leader was overestimated. While the Bitcoin critic acknowledged that market sell-off contributed to the asset’s decline, he also emphasized the absence of a high institutional demand, which if existed, should jump at the chance to buy the massive amount of Bitcoin that has been sold.

Schiff’s comments are likely targeted at popular sentiments that Bitcoin’s institutional demand has been on the rise following the introduction of the Spot Bitcoin ETFs in January.  Notably, the market leader embarked on an upward trend in the first quarter of 2024 rising to a new all-time high of $73,750, a development which coincided with the rapid growth of the Spot Bitcoin ETF market which hit a $10 billion trading volume in March.

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Bitcoin Woes Not Over? Analyst Predicts Further Crash To $47,000

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Bitcoin Poised For Market Rebound, Analyst Says

In other news, popular crypto analyst Rekt Capital has postulated that Bitcoin may be preparing for a market recovery following the recent price dip. In an X post on Saturday, Rekt Capital noted that Bitcoin closed its daily trading above $56,750 allowing the token to continue to remain within the range low area of $60,600.

Bitcoin
BTC trading at $58,224 on the daily chart | Source: BTCUSDT chart on Tradingview.com

According to the analyst, if BTC continues to cluster around the price region, it could soon launch a price rebound reaching as high as $71,000. At the time of writing, the premier cryptocurrency continues to trade at $58,189 with a 2.45% increase in the last day. However, BTC’s daily trading volume remains down by 63.35% and is valued at $20.61 billion.

Featured image from Market Insider, chart from Tradingview 
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Reason to trust

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Created by industry experts and meticulously reviewed
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