U.Today

In a recent exchange on X, legendary trader Peter Brandt responded to renowned economist Peter Schiff‘s criticism of Bitcoin.

Schiff, known for his advocacy of gold and skepticism towards cryptocurrencies, reacted to a comment made at the ongoing Bitcoin Conference, stating:

“Some guy at the Bitcoin Conference just said that Bitcoin is the world’s best kept secret. Pumpers have to at least make their lies believable. Almost everyone knows about Bitcoin. There are 20,000 people at that conference. The biggest annual gold conferences attract around 500.”

Schiff’s post suggested that Bitcoin’s visibility, highlighted by high conference attendance, counters claims of it being a secret. He emphasized the comparatively lower attendance at gold conferences as evidence against Bitcoin’s purported hype.

Brandt took notice of Schiff’s comments and responded, pointing out that:

“That’s because most of the gold bulls have died off.”

Bitcoin Price Action

Following a drop to lows of $63,412 in Thursday’s trading session, Bitcoin sharply rebounded, sustaining gains. As of now, BTC is up 1.42% in the last 24 hours to $68,214. If Bitcoin closes in green, it will mark the third consecutive day of gains.

Despite a cautious outlook, optimism prevails. In a post on X, CryptoQuant CEO Ki Young Ju mentioned that Bitcoin remains in an accumulation phase, with 358,000 BTC transferred to permanent holders over the last month.

Ju believes the Bitcoin bull cycle could extend until mid-2025, noting that old whales selling during bull markets brings new capital into accumulation addresses, subsequently elevating realized prices.

Marathon Digital (NASDAQ:MARA), the world’s largest Bitcoin miner, acquired $100 million in Bitcoin over the past month, raising its total to over 20,000 Bitcoin. Marathon’s CEO, Fred Thiel, indicated in a July 25 post on X that the company will now adopt a full HODL strategy to maintain Bitcoin as its strategic treasury reserve asset.

This article was originally published on U.Today