Following the news that a Wall Street-backed exchange called EDX Markets will be established bitcoin BTC enemy Peter Schiff issued a statement on Twitter as the price rose from $ 26,500 to over $ 28,000.
He argued that the new exchange would not create long-term demand for Bitcoin and would only offer more ways for speculators to gamble with the volatile asset:
“Bitcoin hit over $28,000 today on news that Wall Street firms have created a new exchange that will allow speculators to trade crypto via brokerage accounts. I doubt there will be much demand for this exchange in the long run. More ways to gamble with BTC will not add value to Bitcoin.”
#Bitcoin surged above $28K today on news Wall Street firms are creating a new exchange that will allow speculators to trade #crypto though their brokerage accounts. I doubt there’ll be much long-term demand for this exchange. More ways to gamble with Bitcoin don’t give it value.
— Peter Schiff (@PeterSchiff) June 20, 2023
Schiff has been disliking BTC for years, claiming that Bitcoin has no real value, is a bubble waiting to burst, and is inferior to gold as a store of value and protection against inflation.
BTC supporters, on the other hand, celebrate the launch of EDX Markets as a sign of growing mainstream adoption and recognition of the crypto space.
*Not investment advice.
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