Bitcoin supporters sneered at the latest criticism of gold giant Peter Schiff. Schiff had previously said that despite the rise in bitcoin prices, the cryptocurrency is losing popularity.
Shiv: Bitcoin trading volume is "well below" 2017
The Twitter discussion, which began on July 29, shows that Schiff, who is known for cryptocurrency, claims that bitcoin's bull market trading volume in 2019 was lower than the last bull market in December 2017.
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“If bitcoin is really popular, why is the recent round of bitcoin gains much lower than the 2017 rise?” he wrote.
“If the interest and adoption of Bitcoin has reached its peak, then its price has reached its peak. This is why the peak of this rebound is much lower than the 2017 high, which is why the 2019 low will not stabilize. !"
Schiff's suspicion quickly caused suspicions from critics. According to bitcoinist.com, the daily trading volume of the Bitcoin network has hit record highs in the past few weeks.
Financial adviser Phillip Kennedy was the first to refute these allegations and he linked these allegations to the volume statistics that monitored the market value of resources. He pointed out that the amount of bitcoin transactions in July increased by 300% compared to December 2017.
Schiff subsequently refuted the data from Blockchain.com, and the limited volume calculations offered by the site show that the daily volume is much lower.
Another user pointed out that computing statistics will become more and more difficult as more and more trading activities move from the chain to the sub-chain areas such as lightning networks.
Woo predicts that BTC will turn a profit in 2020
"What Schiff is saying is also true," statistic editor and commentator Willy Woo responded.
He said that the increase in bitcoin prices in 2019 was driven by institutional entry and therefore will not continue, which will change in the future.
“…a series of short-selling actions triggered by quant fund activities led to this rebound. The long-term investors bought during the rebound have been small-scale retail investors; the real organically driven bull market has not yet begun.”
Woo had previously predicted that 2020 would trigger a more “sustainable bull market” that would push the market a lot higher, driven by real consumer acceptance.
At the same time, Schiff chose not to accept Bitcoin, although existing users have done their best. As pointed out earlier, last month, Twitter launched an event, 112 people donated BTC to Schiff, in order to let him change his mind.
Schiff said he would "HODL" these bitcoins. The total size of these funds is 0.21 bitcoin, but it seems that he is firmly pessimistic about the future of Bitcoin.
“For me, price is not a problem,” he said in response.
“The price increase has not made my point of view wrong. It just means that more buyers are wrong.”