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Bitcoin’s Price Boom is Artificially Inflated, says Peter Schiff

Popular Bitcoin critic, Peter Schiff, once again has tainted Bitcoin negatively by describing its recent rally from $9,100 levels to hit $9,600 as a mere surge driven by market manipulation. He was responding to a comment tweeted by the CEO and co-founder of Gemini Exchange, Tyler Winklevoss, who posted that Bitcoin recorded a steller rally and has defied the doubt, uncertainty, and fear thrown by Goldman Sachs investment bank advising against investing in cryptocurrencies and Bitcoin.

Bath Salts to Bitcoin

Bitcoin has seen a strong recovery in the previous few days from lows of about $8.6k. At the time of publication, Bitcoin price sits comfortably above $9,600. But the most interesting thing is that such a rally normally faces public criticism as was recently pointed out by Goldman Sachs. Peter Schiff is also not convinced that Bitcoin price is authentic. He believes that mysterious Bitcoin whales are the ones who are influencing Bitcoin prices.

Schiff believes that whales are manipulating Bitcoin prices so that to downplay the impact of Goldman Sachs’s criticism. In his response, Schiff claimed that whales such as Winklevoss are intentionally manipulating the price of Bitcoin to downplay the significance of Goldman’s bad news. He then described Bitcoin as a pyramid scheme, which is running low on the supply of fools like Tyler Winklevoss who are pumping the price to keep rising.

Tyler Winklevoss then responded to Schiff by sarcastically saying that the supply of fools will not run out so long as individuals like Peter Schiff are around.

Though Tyler Winklevoss and Peter Schiff are at loggerhead with the claims of price manipulation, they both believe in two assets, which are stores of value: Bitcoin and gold respectively. The two gentlemen have on several occasions expressed their distrust in the actions taken by the Federal Reserve to continually print US dollars in an effort to offset the economic impact of the COVID-19 pandemic. They both agree that the ongoing money printing amid the coronavirus pandemic will cause a paradigm shift in the global economy.

They, therefore, advised their followers to invest in store of values such as Bitcoin and gold because fiat money will devalue ultimately. Schiff recently advised investors to buy silver and gold as a hedge against the inflation that he sees caused by the monetary expansion. Last month, Winklevoss said that the action by the federal reserve to print more money has set the ground for the increase of Bitcoin prices.

In the current difficult environment, market experts know the significance of storing and growing wealth in hard assets like gold and Bitcoin, which are not correlated to the traditional stock markets, thus immune to inflation.

“I Knew Owning Bitcoin Was A Bad Idea”, Claims Peter Schiff

Peter Schiff is a gold advocate, renown economist, and widely known investment professional who has been a strong critic of Bitcoin for several years. In January 2020, he tweeted that he could not access his Bitcoin wallet because of his invalid password and thus lost all his Bitcoin. This was a proof for him that owning cryptocurrency was a bad idea. He emphasized that he did not forget the password, but the wallet did not recognize the correct one. However, many people believe that Schiff may have orchestrated the whole event to simply deter others from investing in Bitcoin.

Image via Shutterstock

Winklevoss Twins Brief David Portnoy on Bitcoin, BTC Talks Continue

American internet celebrity David Portnoy officially hosted the Winklevoss twins for a long-due conversation regarding Bitcoin (BTC) and cryptocurrencies.

Barstool Celebrity and Winklevoss Talk Bitcoin

Initially calling out the Gemini co-founders in an August 4 Twitter video, Portnoy took to his social media and released a video begging the Winklevoss Bitcoin billionaires to come over to teach him about the cryptocurrency market, repeating numerous times that he didn’t know anything about BTC. He said that he had invested in bitcoins at some point and that he lost the cryptos, jokingly saying that his “20 grand was just sitting somewhere in the Ether.”

The Barstool Sports founder and stocks enthusiast resorted to his usual antics on his Twitter platform and implored the Winklevoss twins to “make it simple.” He said that if they could just show him how to “do it,” invest in Bitcoin in a strategic way, then he will most definitely buy BTC.

Cameron and Tyler Winklevoss both responded to the Davey Day Trader’s video amicably and Portnoy hosted the Bitcoin advocates in a podcast released yesterday.

Winklevoss Billionaire, Always a Bitcoin Fan

Not only does founding the global crypto exchange Gemini count among their exploits, but Winklevoss twins are also known to be the first Bitcoin billionaires. Needless to say, they have both been huge advocates of Bitcoin, which is the largest cryptocurrency on the market, valued north of $11,700 at the time of writing.

The twins have both on numerous counts leveraged their social media presence to educate their followers on the advantages of investing in BTC.

With the US’ economic stimulus strategy in light of the global economic downfall and COVID-19, Tyler Winklevoss had publicly tweeted that the Federal Reserve was continuously “setting the stage for Bitcoin’s next bull run.”

With the Federal Reserve having to print money to deliver economic stimulus relief and the US dollar consequently depreciating in value, Winklevoss is saying that this will in turn drive the price of Bitcoin up on the crypto market.

Bitcoin Emerges from Slump

Winklevoss’ faith in the cryptocurrency has proven to be a self-fulfilling prophecy, as Bitcoin recently emerged from a long slump and has slowly regained its place on the market, creating quite a buzz on Wall Street.

Bitcoin has finally surged past the $11,500 mark for the first time since last September. Cryptocurrency investors worldwide have the utmost faith in BTC, which is the most dominant and valued cryptocurrency on the market. Despite the recent bull run and Bitcoin dropping after having pushed past the $12,000 mark point twice, experts and crypto enthusiasts like the Winklevoss are adamant on Bitcoin still shining and on its future potential on the crypto market.

Wall Street veteran Raoul Pal even publicly stated that according to his predictions, “Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.” Bitcoin enthusiasts are optimistic about the cryptocurrency, despite the global stock market entering “bubble territory” for the first time since 2018, with the ongoing inflation of the US dollar.

DeFi Rules

In parallel to Bitcoin, there has been a recent surge in popularity in the decentralized finance (DeFi) industry, with DeFi altcoins outperforming BTC. Chainlink (LINK) and Band Protocol (BAND) have both witnessed double-digit gains, with LINK altcoins reaching an all-time high on Binance, capping at $14.0551, and reaching fifth place on CoinMarketCap.

“Bitcoin Better Investment than Gold," Winklevoss Says to Dave Portnoy Over Talks on Elon Musk’s Plans to Mine Gold in Space

In an interview released Friday, Cameron and Tyler Winklevoss, the renowned Bitcoin billionaires and founders of cryptocurrency exchange Gemini, got together with Barstool Sports “Davey Day Trader” Dave Portnoy to discuss Bitcoin.

The Winklevoss twins backed BTC to the fullest and said that it was a better investment than gold.

Bitcoin’s Value Will Go Up with Gold Mining

The American internet celebrity reached out to the Winklevoss twins through his Twitter account and asked them to educate him on Bitcoin (BTC) and how to trade and invest in it properly. In their interview with Portnoy, Tyler and Cameron Winklevoss advised the trader to invest in Bitcoin rather than gold. They said that BTC was a safer asset and the only “fixed asset in the galaxy,” as talks about SpaceX and Tesla CEO Elon Musk’s plans to mine asteroids in the future ensued.

The Winklevoss twins elaborated that given Elon Musk’s plans to mine gold from asteroids, gold’s supply is going to increase, whereas Bitcoin is not. BTC has a supply cap of 21 million, which greatly increases its value as a digital asset given its scarcity in comparison with gold. The Winklevoss twins said:

“Gold is a problem because the supply isn’t fixed like Bitcoin. There are billions of dollars of gold floating in asteroids around this planet.”

In the interview, which generated over 500,000 views on Twitter, Cameron Winklevoss emphasized that for his twin brother and him, Bitcoin was like “internet gold”, which is in parallel to what BTC enthusiasts call the digital cryptocurrency these days – “digital gold.”

Winklevoss thinks that Elon Musk will definitely carry out his plans of mining gold from asteroids in space. Following that logic, when that happens, gold will suddenly become worthless, due to its overflow of supply. In contract, there will only ever be 21 million Bitcoin tokens. As gold does not have a fixed supply, Winklevoss hypothesizes that Musk will potentially “destroy gold.” He further said, “Gold is for boomers who don’t understand that.”

JP Morgan Chase: Bitcoin or Gold?

In a study done by JP Morgan Chase, the strategist team behind the US bank found that older investors have a tendency to invest in gold, while millennials and young investors favored cryptocurrency and tech-related stocks more.

With COVID-19 still looming and investors looking for safe-haven assets, the survey found that older investors trusted the traditional safe-haven asset – gold- more as a hedge. As for millennials, they tended to invest in Bitcoin and tech investment stocks more, despite BTC’s high volatility. In other words, with high volatility comes high risk, but the younger generation was willing to take that chance to potentially gain a high return.

Elon Musk Wants to Conquer Gold in Space

With all this talk about gold and space mining, Elon Musk has publicly answered Dave Portnoy on Twitter, linking a NASA news story reported by Fox News that indicated that it is “eyeing up a nearby asteroid that contains enough gold to make everyone on Earth a billionaire.”

US Space Agency NASA has publicly declared in March that Tesla CEO Elon Musk’s company SpaceX will be the one that will launch a mission in space to conquer the asteroid “Psyche 16.”

Winklevoss Backs Bitcoin

In response to Musk’s tweet, Tyler Winklevoss said, “Looking forward to the day when you smash gold out of asteroids.” The Gemini co-founder is supportive, but it is no secret by now that his brother and he are big Bitcoin advocates.

The Winklevoss twin thinks that this is the perfect time to capitalize on BTC, given the stock market’s entry into “bubble territory” and the depreciation of the US dollar with the Federal Reserve mass printing money for stimulus purposes.

Bitcoin Billionaire Winklevoss Slams European Central Bank Money Printing Despite Strong Euro

The European Central Bank announced it would not alter its interest rates and COVID-19 stimulus programs despite a strong euro—which Bitcoin billionaire Tyler Winklevoss called a “powerful advertisement for Bitcoin.”

The European Central Bank (ECB) announced on Thursday Sept 10, that it was keeping its interest rates and coronavirus-stimulus program unchanged despite the euro rising over 5% against the US dollar since July. The rise in strength of the euro will mean cheaper imports and will put strain on euro-zone exporters, creating tighter financial conditions for the wider economy.

The ECB stimulus money printing and interest-free lending to businesses appears set to continue as it announced it would not be making any immediate changes to raise inflation or to alter its Pandemic relief program which remains at a total of 1.35 trillion euro.

Bitcoin billionaire Tyler Winklevoss chimed in to make the case for Bitcoin on Twitter immediately following the ECB’s announcement—to continue to keep refinancing operations, marginal lending facility and deposit facility unchanged at 0.00%, 0.25% and -0.50%, respectively.

Winklevoss said:

“The European Central Bank’s refinancing rate is 0% and its deposit rate is -.5%. This means it is free to borrow money, but actually costs you money to save. Thinking face This is both a potent recipe for inflation and powerful advertisement for #Bitcoin.”

The ECB increased its COVID-stimulus program from 750 billion euros to 1.35 trillion euros in June and it is expected to last and increase until June 2021, which will mean more new money creation and a need to raise interest rates. However,the ECB last forecasted the annual inflation to reach 0.3% by the end of 2020 which is below its target of 2%—which also drew the criticism of the Gemini exchange founder and early Bitcoin investor Tyler Winklevoss.

Winklevoss tweeted:

“Now that “money printer go brrrrrr” has become the default operating procedure for central banks around the world, we need an updated version of this meme to indicate its now the status quo. And perhaps one for banks that one day (gasp) turn the money printer off.”

What Does it Mean for Bitcoin and Gold?

As previously reported by Blockchain.News, Bitcoin is now more closely correlated to safe haven asset gold than ever, which enables the world’s largest cryptocurrency to be able to combat risk aversion in the traditional markets.

According to Bloomberg’s records, the correlation between Bitcoin and gold is now at its highest level since 2010. During the current unprecedented economic turmoil, investors have fled to safe haven assets, such as gold. With the injection of fiat currencies due to recent economic stimulus, investors may look to hedge in alternative assets. This could be a possible explanation for the record-high correlation between Bitcoin (BTC) and gold.

It also means that the continued money printing by the ECB and well as the Federal Reserve to stimulate the economy should ultimately drive up the value of both Gold and Bitcoin.

Edward Meir, analyst at ED&F Man Capital Markets commented:

“All the central banks are in the same boat. They will have to keep printing money, keep easing policy, in order to fight the slump we are in and that will keep gold supported.”

Bitcoin is the Gift that Keeps on Giving, says Tyler Winklevoss

Without a doubt, Bitcoin (BTC) has been the talk of the town based on its price rally that has made it reach levels never seen before. BTC price recently smashed the $24,000 mark, even though it has slumped by 5.374% to $22,564 at the time of writing, according to CoinMarketCap.

Bitcoin billionaire Tyler Winklevoss has taken to Twitter to tout the BTC horn by stipulating that the leading cryptocurrency is an asset, which continues to stretch its giving hand. The CEO of crypto exchange Gemini said:

“Bitcoin is the gift that keeps on giving.”

His sentiments can be echoed by the fact that BTC’s price nosedived to $3,800 in mid-march as the grappling effects of the coronavirus (COVID-19) continued to wreak havoc, and this necessitated measures like lockdowns and social distancing. However, things have changed because Bitcoin is set to close the year on a high after it recently smashed an all-time high (ATH) price of $20,000 it attained three years ago.

Tyler Winklevoss has been a notable BTC advocate. For instance, in September, he stated that Bitcoin was 10X better than gold because it was beating the latter at its own game. This explains why he recently poked BTC critic Peter Schiff after Bitcoin’s price surged past $20,000. Peter Schiff has become notorious for his criticism of Bitcoin’s true value and has become increasingly critical of comparisons of the crypto to safe-haven asset gold.

Institutional investors are continuing to make headlines based on their overwhelming interest in BTC. For instance, Nasdaq-listed MicroStrategy has announced another Bitcoin purchase worth $650 million. Crypto asset management firm Grayscale also revealed its BTC trust inflows were worth approximately $1 billion monthly.

This wave of institutional investments is one factor making Bitcoin’s price go through the roof as corporate giants seek to join the BTC bandwagon because of the fear of missing out (FOMO).