Renowned gold advocate and Bitcoin skeptic Peter Schiff(Peter Schiff) criticized the recent surge in cryptocurrencies, calling Bitcoin's rise to $97,000 "a huge scam." He believes traders have mistakenly shifted profits from gold and silver mining stocks to tools like Bitcoin ETFs and MicroStrategy (MSTR). Despite Schiff's warnings, Bitcoin still attracted significant institutional demand, with US spot Bitcoin ETFs seeing over $1 billion in net inflows within three days, even as the price subsequently retraced to around $96,200.
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Renowned gold advocate and Bitcoin skeptic Peter Schiff(Peter Schiff) criticized the recent surge in cryptocurrencies, calling Bitcoin's rise to $97,000 "a huge scam." He believes traders have mistakenly shifted profits from gold and silver mining stocks to tools like Bitcoin ETFs and MicroStrategy (MSTR). Despite Schiff's warnings, Bitcoin still attracted significant institutional demand, with US spot Bitcoin ETFs seeing over $1 billion in net inflows within three days, even as the price subsequently retraced to around $96,200.