Peter Schiff: The weakness of the US dollar is the driving force behind the big pump of Bitcoin.

Bitcoin has recently soared to an all-time high, with its price once exceeding $123,000. Its realized market cap has also surpassed $1 trillion, attracting widespread attention from the market.

Peter Schiff, the CEO of Euro Pacific Bank and a well-known gold supporter, holds a critical view on this, believing that the rise of Bitcoin is not due to its intrinsic value, but rather a result of the depreciation of the dollar.

He pointed out that Bitcoin has set a record only in US dollars, not in euros or Swiss francs, which indicates that the key factor driving the rise of Bitcoin is the depreciation of the dollar relative to other major currencies.

Schiff has long been skeptical of Bitcoin, viewing it as a speculative bubble in the cryptocurrency space, and warning that the current rise may just be a "Ponzi scheme" built on a house of cards.

He also specifically criticized the recent passage of the GENIUS Act by the U.S. Congress, believing that the bill is merely a tool for special interest groups to hype Bitcoin through the regulatory framework, aimed at allowing early investors to profit, while the general public may bear the risks.

At the same time, the strong performance of Bitcoin has attracted widespread participation from institutional investors, including pension funds, retail investors, and publicly listed companies (such as Michael Saylor's Strategy and Metaplanet), further driving up market demand.

Therefore, although the rise of Bitcoin is interpreted by some investors as a hedge against the depreciation of the dollar, Schiff believes it actually exposes the fragility of the U.S. economy.

He warned that the Federal Reserve's low interest rate policy and inflation pressure are undermining the international status of the dollar, while the frenzy of Bitcoin may further exacerbate the speculative bubble in financial markets.

Schiff's criticism serves as a wake-up call, reminding investors that while chasing the digital wealth brought by Bitcoin, they should not forget to examine the macroeconomic risks that may lie behind.

What do you think about Bitcoin's record price performance? Is it a reflection of its intrinsic value and a strong proof of its potential, or is it market speculation and a temporary bubble under the weakness of the dollar?

#比特币 # USD weak #cryptocurrency market