Peter Schiff: Bitcoin HODLers Delusional as Gold Outperformed BTC, But Did It?

Peter Schiff, the CEO of Euro Pacific Capital, says “HODLers” of Bitcoin “remain delusional” because gold outperformed Bitcoin since 2019. But, BTC actually outperformed the precious metal so far in 2020. Schiff said: “Since hitting its high in June of last year the price of Bitcoin has fallen by 33%. During that same time period the price of gold has risen by 27%. So, priced in gold Bitcoin has fallen by 53%. The long-term trend has clearly changed in gold’s favor. HODLers remain delusional.” Year-to-date, Bitcoin increased from $7,153 to…

Bitcoin Hesitates But Indicators Suggest BTC Could Surge Above $9,300

Bitcoin is slowly moving higher and it recently tested $9,300 against the US Dollar. BTC is now trading well above the 100 hourly SMA, and it is likely to surge above $9,300. Bitcoin is showing a few positive signs above the $9,200 and $9,150 levels. The price revisited the $9,300 resistance and it is now trading well above the 100 hourly simple moving average. There is a significant bullish trend line forming with support at $9,180 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair…

Theft Of 100 BTC Isn’t A Crime Because Bitcoin Isn’t Property

On June 30, a Russian criminal court denied a motion to provide restitution to a victim of what would in many jurisdictions be a felony, arguing that Bitcoin (BTC), as a virtual currency, does not enjoy the same property protection as other assets. The case goes back to 2018, when the two men impersonating Federal Security Service (FSB) agents and their accomplices kidnapped the victim and forced him into giving them 5 million rubles or $90,000 in cash and 99.7 BTC — worth about $900,000 at the time. The kidnappers…

PayPal Dabbling in Crypto Could Make BTC a Mainstream Payment Option

Earlier this month, global payments giant PayPal was rumored to be considering listing crypto assets on its platform, which is estimated to have around 325 million active accounts worldwide. The company is currently hiring crypto and blockchain specialists, meaning that its potential arrival could be more than a wild guess. But what does PayPal’s apparent interest in crypto mean for the industry, and how well does it align with the company’s principles? Two steps forward, one step back PayPal started to take baby steps toward crypto back in 2013. At…

Bitcoin Set for $288K Bull Run in 2020, Popular BTC Price Model Says

Bitcoin (BTC) may be struggling to hit $10,000, but its progress is right on track, new stock-to-flow data confirms. Adding a new update to his model on July 1, stock-to-flow model creator PlanB showed that Bitcoin is behaving exactly as its bullish history demands. Bitcoin adds second “red dot” The BTC S2F Cross Asset Model (S2FX) uses color-coded dots to analyze Bitcoin price action relative to the date of its next block reward halving. Dots immediately after halving, like at present, are in red, and historically precede a jump in…

Key Indicator Says Bitcoin’s Momentum Is Weakening: Where Will BTC Head?

Bitcoin has been stuck in the $9,000s for the past two months, trading between $8,500 and $10,000 for weeks on end. While the cryptocurrency has maintained the $8,500 support level on multiple occasions, a key indicator shows that the bullish momentum is weakening. Related Reading: Crypto Tidbits: BTC At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal Bitcoin Has “Weakening” Bullish Momentum: Analyst According to Brave New Coin analyst Josh Olszewicz, the Ichimoku Cloud indicator shows that Bitcoin has “weakening bullish momentum” due to the consolidation: “Cloud still shows weakening bullish…

Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High

Recently published data from glassnode shows there are currently more than 1,800 Bitcoin (BTC) whales. From a macro perspective, this increase in the number of whales can be considered bullish. The term whale is used within the crypto industry to describe an individual investor that holds a large amount of BTC. Typically, whales are early Bitcoin investors or wealthy individuals that newly enter the cryptocurrency market but as institutional investors enter the market perhaps the boundaries of the term will expand to include new entities. The number of Bitcoin whales…

$2.8B Fake Bullion Scam Highlights BTC Benefits

The Bitcoin (BTC) versus gold debate rages on this week as reports reveal fake bars fuelled a $2.8 billion corruption scheme. As Chinese media outlet Caixin reported on June 29 via Nikkei, a loans deal between Chinese financial institutions and Wuhan Kingold Jewelry — with gold as collateral — fell apart when it became known the gold was gilded copper. Schiff: Bitcoin holders are “stupid” According to Caixin, “at least some” of the gold bars involved were simply copper, with the loan lenders seriously out of pocket as a result.…