Bitcoin Detractor Peter Schiff Lays On What Will Trigger Bitcoin Recovery

Peter Schiff is one of the most vocal bitcoin detractors known to investors. The economist has never been one to hide his disdain for the digital asset and continues to bash it at every chance he gets. This time around, Schiff who has always touted the superiority of other investment forms such as stocks above bitcoin has revealed what he thinks will cause the digital asset to rally upwards again. Bitcoin Needs The Nasdaq As always, Peter Schiff continues to push the usefulness of other assets like stocks over that of bitcoin. In his latest tweet on Twitter, the preferred platform for the economist to share general comments about the financial platform and bitcoin, he has explained a scenario where the price of bitcoin would begin to go up. Related Reading | Bitcoin Shorts Decline On Bitfinex, Players Brace For Upward Trend? Schiff explained that for BTC to once again begin another uptrend, it depends largely on the movements of gold and the NASDAQ. The economists put forward that an increase in the NASDAQ would inadvertently lead to an increase in the price of bitcoin. On the flip side, gold, which is currently one of the digital asset’s fiercest competitors, would need to go down, said Schiff. BTC settles above $39k | Source: BTCUSD on TradingView.com Explaining further, he laid out that the Fed’s success in bringing down the growing inflation rate was pertinent to this. As long as the Fed is able to safely bring t...