Peter Schiff: Bitcoin Price Record Highlights US Dollar Weakness

Driven by roaring demand from Wall Street and retail Internet buyers, Bitcoin’s price continues to mark fresh milestone highs in July. On Monday its price soared to a record $123,000.

Bitcoin’s Price Flies To New Highs

Beyond reaching fresh all-time highs, Bitcoin daily trading volume drenched exchanges as the average trade price began to settle down to the $117,000 level.

Investing in BTC has been very profitable for nest egg retirement savers, casual retail altcoin traders, and serious corporate investors, like Michael Saylor’s Strategy Inc. Bitcoin’s market cap in realized gains tapped the $1 trillion mark over the week.

In other words, the total value of all the circulating Bitcoin, cost based over the last time each piece of it moved on chain, was a mouth-watering $1 trillion in July.

Peter Schiff Says Hello Dollar Weakness

But Euro Pacific Capital founder and chief, Peter Schiff, wasn’t impressed by Bitcoin’s feat. He has made a name for himself among crypto investors by trash talking Internet hash currencies.

Even as Congress moved to pass the stablecoin bill named the GENIUS Act, he characterized the move as a cynical ploy by special interests to “hype Bitcoin” and offload worthless tokens onto the public at a profit for early investors.

Meanwhile, as BTC prices traced historic records, the foreign equities expert and gold bug said that it’s not Bitcoin’s strength, but the dollar’s weakness reflected in the new record prices.

His argument to advance this theory is that Bitcoin is only marking records in dollars, “not in euros or Swiss francs.” He contends that only proves the dollar is falling behind its European cousins. He also pointed to what he sees as a bubble of over wrought crypto speculation stateside.

Bitcoin investors like that it moves up in price when the dollar weakens in the international currency float or over Fed inflation to target lower interest rates. But Schiff warns it’s a “Ponzi” scheme built on a house of cards.