© Reuters. Peter Schiff Says Bitcoin Supply Will Not Be Cut In Half By Halving, Gets Schooled By Crypto Analyst: Gold’s Supply ‘Doubling’ Every 70 Years
Benzinga – Economist Peter Schiff has shared his perspective on the upcoming Bitcoin (CRYPTO: BTC) halving event, emphasizing the role of current supply holders over miners.
What Happened: On Tuesday, Schiff took to X, formerly Twitter, to share his views on the upcoming Bitcoin halving event. He stated, “The supply of #Bitcoin will not be cut in half by the #Halving. Over ninety percent of the Bitcoin supply already exists. The only thing cut in half is the growth rate of supply. What matters the most is how much of the current supply holders want to sell, not what miners create.”
This halvening is the one that cuts #Bitcoin’s inflation rate to half of that of Gold.
Gold’s supply is doubling every 70 or so years, but my guess is this may accelerate due to exponential technology gains in the 21st century.
— Willy Woo (@woonomic) March 13, 2024
See Also: Dogecoin Up 115% In A Month And ‘Could Hit $1 By Mid-April,’ Says Crypto Analyst Ali Martinez
Schiff then went on to tout his platform in a separate tweet for turning “fool’s gold” into real gold. He advocated that people trade their Bitcoin for gold before the “market runs out of fools.” He also clarified that Schiff Gold doesn’t take Bitcoin, but Bitpay does and transfers dollars to the firm.
Why It Matters: Interestingly, Schiff was countered by cryptocurrency analyst Willy Woo who told the known Bitcoin critic that “halving is the one that cuts Bitcoin’s inflation rate to half of that of Gold.
Willy Woo said, “Gold’s supply is doubling every 70 or so years, but my guess is this may accelerate due to exponential technology gains in the 21st century.”
His comments come in the wake of a bullish market sentiment, with Bitcoin recently breaking the $73,000 mark and reaching four new highs in less than a week, as reported by Benzinga.
The Bitcoin halving event, expected to happen in April, has stirred a lot of excitement in the market. Analysts like Kevin Svenson have predicted that Bitcoin could reach new all-time highs.
Despite the differing views, the market remains bullish on Bitcoin, with analysts like Michael van de Poppe suggesting that Bitcoin is still heavily undervalued.
Price Action: At the time of writing, Bitcoin traded 1.29% higher at $72,919.26. The apex cryptocurrency hit an all-time high of $73,637.47 on Wednesday. Spot Gold traded flat at $2,174.69, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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