Driven by the loud voices of demand from Wall Street and retail internet buyers, Bitcoin prices continue to mark a fresh milestone height in July. On Monday, its price surged to a record $123,000.
Bitcoin prices jump to new highs
Not only did it reach a fresh, top-high, but it was drenched in Bitcoin’s daily trading volume as the average trade price began to settle at $117,000.
Investments in BTC have been extremely profitable for serious corporate investors like Nest Egg Retirement Savers, casual retailer altcoin traders, and Michael Saylor’s Strategy Inc.
In other words, the total value of all circular Bitcoins is cost based on the last time each piece traveled in the chain, and in July it was an appetizing trillion dollars.
Peter Schiff describes the weakness of Hello Dollar
However, Peter Schiff, founder and chief of Europacific Capital, was not impressed by the feat of Bitcoin. He named himself for himself among crypto investors by trash speaking internet hash currency.
Even as Congress moved to pass the Stubcoin bill, dubbed the Genius Act, he characterized the move as a sarcastic ploy with special benefits on “hype Bitcoin” and off-road valueless tokens, which was made public in early investors’ interests.
Meanwhile, as BTC prices tracked historical records, foreign equity experts and Goldbug said it wasn’t Bitcoin’s strength, but the weaknesses of the dollar reflected in the new record price.
His argument to advance this theory is that Bitcoin is simply marking its record in dollars “not the euro or Swiss franc.” He claims that the dollar proves that it is behind its European cousins. He also pointed out what he considers as an overly alchemical crypto speculation state bubble.
Bitcoin investors like to see prices rise when international currencies float or target low interest rates beyond Fed inflation. However, Schiff warns that it is a “ponzi” scheme built on top of the house of cards.