PK Press Club – In a recent tweet, renowned economist and gold advocate Peter Schiff made a comparison between traditional fiat currencies and traditional fiat currencies. Schiff, a well-known Bitcoin critic, pointed out a major difference and similarity between the two, sparking reactions from the cryptocurrency community.
According to Schiff, the main similarity between traditional fiat currencies and Bitcoin is that both derive their market value from the trust people place in them. In response to an is therefore a proof of faith.
Schiff went further to highlight the main difference between the two asset classes, indirectly emphasizing Bitcoin’s ability to create wealth, saying: “The main difference is that no one expects to become rich by holding liquidity. This is why trust in Bitcoin can be more easily lost. “
Schiff, a staunch critic of crypto, continues to reject Bitcoin while defending gold. He has previously criticized BTC exchange-traded funds (ETFs), saying they undermine the decentralized nature of crypto.
Bitcoin Price Preparing for a Major Move
At the time of writing, BTC was up 1.04% over the past 24 hours at $105,278 after falling to $101,200 amid a sell-off early in Thursday’s session .
According to Glassnode, Bitcoin’s 60-day range is currently narrower than its current trading range. Historically, similar trends have signaled bursts of volatility.
In a tweet, Glassnode observed that “Bitcoin’s current 60-day price range is very tight. Historically, periods of tight price ranges have often preceded increased volatility,” he wrote. Additionally, 20% of BTC supply is concentrated within ±15% of the spot price, creating the potential for amplified market volatility as investor profitability evolves.
In broader markets, investors are now awaiting the next meeting of the Federal Open Market Committee on January 28-29, at which interest rate cuts could be announced. At its December meeting, the Fed announced two rate cuts for 2025, a sign of a slow and cautious approach.
