Bitcoin critic and renowned gold bug Peter Schiff has cast doubt on the long-term sustainability of the recent Bitcoin rally that propelled the world’s largest cryptocurrency by market capitalization to $28,000. This sudden rally was ignited by the news of Wall Street giants such as Charles Schwab, Fidelity Digital Assets, and Citadel Securities, throwing support behind a new cryptocurrency exchange called EDX. However, Schiff maintains a skeptical view on the sustained demand for this exchange, implying that more trading opportunities for Bitcoin will not spark more long-term interest in the flagship cryptocurrency. Schiff views the exchange as a gambling table for Bitcoin, suggesting that the cryptocurrency is being played more as a high-risk chip than held as a safe long-term investment or stable reserve of value. Schiff stands firm in his belief that, unlike gold, Bitcoin lacks inherent value and is tossed in the winds of speculative forces. EDX, now offering trading for four crypto assets, including Bitcoin and Ether, aims to meet the requirements of the world’s most sophisticated financial institutions that want to dabble in crypto.
This novel platform indicates a change in approach towards cryptocurrencies from traditionally conservative Wall Street firms. Schiff, a long-time Bitcoin skeptic, however, anticipates this shift could be ephemeral. Schiff’s caution isn’t unfounded. The crypto ship has weathered a series of storms in the recent past, including the sinking of FTX and recent SEC lawsuits against major players like Binance and Coinbase. The gold bug’s stance is not surprising, but many in the crypto sector interpret the entry of major financial institutions into the crypto arena as a considerable stride toward mainstream acceptance after a series of setbacks.