Peter Schiff Mocks Bitcoin's Surge Beyond $50K, Attributes It to 'Four-Day' Super Bowl And Valentine's Day Exuberance: 'I Wonder When the Massacre Will Begin'

Peter Schiff, a renowned economist and a critic of Bitcoin BTC/USD, has voiced concerns over a potential pump-and-dump scenario in the cryptocurrency market, coinciding with the “ongoing four-day conference” that began on Super Bowl Sunday.

What Happened: Schiff’s post on X, formerly Twitter, on Tuesday indicated his suspicion over the recent hype surrounding the newly listed Bitcoin ETFs. He insinuated that a “massacre” may be looming.

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His tweet points to the ongoing festive mood that started on Super Bowl Sunday and is set to conclude on Valentine’s Day.

“It looks like another classic pump-and-dump is going on with #Bitcoin and the @exchangeETF,” Schiff posted.

Why It Matters: The cryptocurrency market has seen a significant surge in Bitcoin’s value, with it even touching the $50,000 mark on Monday, as reported by Benzinga.

This rise is attributed to strong inflows into spot Bitcoin ETFs, which garnered over $1.1 billion in fresh funds last week. The Blackrock iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund reached $3 billion in AUM within their first 30 days, an unprecedented achievement.

However, Schiff’s skepticism seems to stem from the belief that this sudden spike might be a set-up for a sharp fall, a pattern commonly referred to as a pump-and-dump scheme. It should be noted that the economist has previously warned about a news cycle-oriented pump around the time the spot ETFs made their debut.

Price Action: At the time of publishing, Bitcoin traded at $50,101.18, the cryptocurrency touched an intraday high of $50,280.48 during the past 24 hours.

Photo Courtesy: Wikimedia Commons

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