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“Bitcoin Influencer” Peter Schiff Opines on Why Bitcoin Is Losing Market Dominance

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Gold bug Peter Schiff has suggested his opinion on why BTC is losing its market share and names “the most significant difference” between cryptocurrencies.

The CEO of Euro Pacific Capital and fan of gold as an investment tool, Peter Schiff, has taken to Twitter to slam Bitcoin yet again, offering his explanation as to why BTC is losing its market share.

“Competing with over 11,500 other coins”

Schiff has tweeted that he believes the flagship cryptocurrency is losing dominance since it has to compete for market share with almost 12,000 other cryptocurrencies.

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He notes that none of these cryptos are scarce in reality since new currencies emerge in the market nearly every day, assuming that the only thing that differs between them is their names.

After all, Schiff reckons that the supply of altcoins will eventually kill any demand that exists at the moment.

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On July 29, the Bitcoin Dominance Index’s value was at 69.36%. At press time, it is at 63.47%.

The peak of 84.23% was recorded in early 2021, on Jan. 3. Back in December 2016, when many of the current altcoins did not exist, this metric totaled 92.35%—the level that has not been regained ever since.

“Bitcoin has beaten every traditional asset in the past 10 years, so what?”

In another tweet, Schiff admitted that Bitcoin has been beating gold in the past 10 years. Not only gold but also Bitcoin has outperformed all other classes of traditional assets in the same period.

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Still, the gold bug insists that this does not prove that BTC is better than gold, stocks, real estate or any other assets that it has surpassed in profits.

Schiff pointed out that, in the past six years, Ethereum has also beaten Bitcoin—and this year in particular. But he doubted that ETH is better than Bitcoin, as if trying to play on the ego of Bitcoiners who consider all altcoins inferior, including Ethereum.

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Schiff is a “Bitcoin influencer”

Curiously, in late December 2020, Schiff was announced as the second-biggest Bitcoin influencer by the Lunarcrush platform.

He was put on the list of influencers along with Anthony Pompliano, Max Keiser and other prominent Bitcoin evangelists.

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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