Peter Schiff critiques Bitcoin, praises gold, expects Bitcoin price volatility

From Investing.com

January 23, 2025 2:00:23 pm:

Renowned economist Peter Schiff compares Bitcoin and fiat currencies, highlighting faith as the main driver of their market value. He calls Bitcoin “proof of faith” and emphasizes its wealth creation potential compared to cash. Schiff continues to criticize Bitcoin, favoring gold and denouncing BTC ETFs.

Bitcoin price rises to $105,278 after hitting lows of $101,200 amid a sell-off. Glassnode notes that Bitcoin’s 60-day range is tight, signaling potential volatility explosions. 20% of BTC supply concentrated within ±15% of spot price, adding to market volatility potential ahead of the Federal Open Market Committee meeting.

Investors await the Federal Open Market Committee meeting on Jan. 28-29 for potential interest rate cuts after Fed signaled two cuts for 2025 at December meeting. Market anticipates slow and cautious approach from Fed. Historic tight price ranges for Bitcoin often precede heightened volatility, says Glassnode.

Read more at Investing.com: Peter Schiff Weighs In By U.Today