{"id":15040,"date":"2024-07-08T18:07:15","date_gmt":"2024-07-08T15:07:15","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiff-highlights-lack-of-institutional-demand-for-bitcoin\/"},"modified":"2024-07-08T18:07:15","modified_gmt":"2024-07-08T15:07:15","slug":"peter-schiff-highlights-lack-of-institutional-demand-for-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/peter-schiff-highlights-lack-of-institutional-demand-for-bitcoin\/","title":{"rendered":"Peter Schiff Highlights Lack of Institutional Demand for Bitcoin"},"content":{"rendered":"<p>The recent decline in Bitcoin&#8217;s price contradicts the narrative of institutional investor interest in the asset, according to Euro Pacific Capital President Peter Schiff.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> pumpers blame the decline on Mt. Gox repayment related sales. While this is part of the story, the rest is that the selloff exposes the myth of institutional demand. If such demand really did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off market.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1809584623220900102?ref_src=twsrc%5Etfw\">July 6, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cPumpers blame the price drop on Mt. Gox-related sales. This is partly true, but the selloff reveals the myth of institutional demand. If it existed, buyers would have seized the opportunity to purchase Mt. Gox bitcoins on the <span data-descr=\"over-the-counter trading\" class=\"old_tooltip\">OTC<\/span> market,\u201d the entrepreneur stated.<\/p>\n<\/blockquote>\n<p>Legendary trader Peter Brandt assessed the recent correction of the leading cryptocurrency as the largest in the history of bull markets since 2022.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Current correction in Bitcoin is the largest so far in the bull cycle that began at the 2022 low <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/t.co\/v2E7bJbYKi\">pic.twitter.com\/v2E7bJbYKi<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1809652239851507841?ref_src=twsrc%5Etfw\">July 6, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The price drop was also noted by ITC Crypto founder and head Benjamin Cowen. In his view, digital gold is near a critical level. The movement of the two-week Relative Strength Index (RSI) will soon indicate whether the price will rise (as in 2013 and 2016) or fall (2019).<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">If you look at the <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> 2W RSI, we are near a critical level that should help us separate whether <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> follows 2013 and 2016 (where we found support around these levels), or 2019 (where we fell through and had an intermediate downtrend in the middle of a larger uptrend). <a href=\"https:\/\/t.co\/Y9JzlVDK8U\">pic.twitter.com\/Y9JzlVDK8U<\/a><\/p>\n<p>\u2014 Benjamin Cowen (@intocryptoverse) <a href=\"https:\/\/twitter.com\/intocryptoverse\/status\/1810015294821368224?ref_src=twsrc%5Etfw\">July 7, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI keep playing these games, trying to figure out what year it is, but then I tell myself it&#8217;s 2024 and it should do something different than before,\u201d the expert emphasized.<\/p>\n<\/blockquote>\n<p>In July, Peter Brandt suggested that Bitcoin&#8217;s correction could continue to the $44,000 level.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent decline in Bitcoin&#8217;s price contradicts the narrative of institutional investor interest in the asset, according to Euro Pacific Capital President Peter Schiff. #Bitcoin pumpers blame the decline on Mt. Gox repayment related sales. While this is part of the story, the rest is that the selloff exposes the myth of institutional demand. If [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,1420,1298],"class_list":["post-15040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-peter-brandt","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15040"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15039"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}