Legendary Trader Peter Brandt Responds to Schiff’s Bitcoin Comment

Recently, legendary trader Peter Brandt responded to economist Peter Schiff’s criticisms regarding Bitcoin, sparked by comments made at the ongoing Bitcoin Conference. Schiff, known for his advocacy of gold and skepticism toward cryptocurrencies, remarked on a statement from the event: "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 remarks suggested that the high recognition of Bitcoin and the substantial attendance at its conferences undermined any claims of it being a "secret." He contrasted this with the much smaller crowd at gold conferences to emphasize the buzz surrounding Bitcoin.

Brandt took notice of Schiff’s comments and offered a pointed retort, suggesting that the dwindling numbers of gold enthusiasts might explain the difference in attendance: "That’s because most of the gold bulls have died off."

Bitcoin Price Trends

After hitting a low of $63,412 during Thursday’s trading, Bitcoin experienced a strong recovery, with gains still being sustained. As of now, Bitcoin has risen 1.42% in the past 24 hours, reaching $68,214. If this trend continues, it would mark three consecutive days of gains.

The overall outlook for Bitcoin remains optimistic, though tempered with caution. Ki Young Ju, CEO of CryptoQuant, noted on social media that Bitcoin is currently in an accumulation phase, with 358,000 BTC transferred to long-term holder addresses in the past month.

Ju also suggested that the current Bitcoin bull market could extend until mid-2025, indicating that established owners selling during bullish periods often inject new capital into accumulation addresses, thus elevating realized prices.

Additionally, Marathon Digital Holdings, the largest Bitcoin miner globally, has acquired $100 million worth of Bitcoin over the last month, raising its total to over 20,000 BTC. Marathon’s CEO, Fred Thiel, declared that the company is committed to a "full HODL" strategy, aiming to preserve Bitcoin as a critical asset in their treasury reserve.