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Peter Schiff: Bitcoin a ‘Fraud,’ Strategy Will Probably Go ‘Bankrupt’

The foreign equities and gold bug investor with over a billion dollars in assets under management took a big swipe at Bitcoin and Michael Saylor’s BTC-accumulating finance company, formerly named MicroStrategy. He said Strategy will go bankrupt over Bitcoin. But if this is reverse psychology, it must be working on Saylor. His company still hasn’t stopped racing other firms for more BTC in whale-sized bites. Peter Schiff Pulls No Punches on BTC in X Spaces Gag To start off the program , Schiff said Bitcoin’s promoters sold it as a kind of digital gold, but it hasn’t performed like the precious metal at all, so the “marketing” was a “fraud.” “The idea that it’s digital gold has been destroyed because it trades nothing like gold. It’s just some kind of risk asset.” But, Bitcoin’s promoters did not say it would perform as an investment with ROIs like gold. They said it is similar in its economic properties to the metal because of its limited supply and the difficulty and cost of securing it. While it is true that Bitcoin’s price lately has not traded like gold, that’s because over timescales very relevant to individual investors it has performed fantastically better than the yellow metal. Bitcoin vs. Gold ROIs 2009-10 to Present INSIGHT: Gold’s growth is strong, but Bitcoin’s massive gains can’t be ignored. Gold just hit a new ATH of $3,310, while Bitcoin is consolidating. But when we zoom out, BTC’s epic rise far outpaces gold’s performance. What’s your prediction? pic.twitter.com/1OkHGXltp5 — Coin Bureau (@coinbureau) April 16, 2025 Some fraud that would be to explain to a judge: Sorry, we told the litigant that the product was like an instrument that delivered 230% ROI in 16 years since 2009, and it only delivered 2.82 billion percent since 2010 . On the X podcast, Schiff asked: “What purpose does Bitcoin serve? We got plenty of risk assets out there. It’s a super risk asset that’s going to go up faster than other risk assets. Based on what?” He added, “At least a tech stock- there’s the story there of future earnings that could materialize, you’re buying a business that could earn money.” Bitcoin provides a banking service, which is traditionally a very profitable, high-growth business because everyone needs it every day in a market economy. Moreover, Bitcoin does so in a way that is simple and fundamentally useful. It is proven to work reliably, fairly, transparently, and easily for anyone to use. Bitcoin’s price was up 36% over the trailing 12 months in mid-April. The post Peter Schiff: Bitcoin a ‘Fraud,’ Strategy Will Probably Go ‘Bankrupt’ appeared first on CryptoPotato . CoinOtag

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Despite an 18% Drop, XRP’s Exchange Supply Hits Lows—Bullish Setup Ahead?

XRP has been trading under pressure in recent weeks, losing much of the momentum it built during its late 2024 to early 2025 rally. After reaching highs above $3.40, the asset has experienced an 18.3% decline over the past month, reflecting broader market softness. At the time of writing, XRP trades significantly below its peak at a price of $2.06, with subdued investor activity and falling market participation across both spot and derivatives markets. Related Reading: XRP Breakout Still Likely This April, Analyst Says $12+ In Play XRP On-Chain Activity Slows, But Price Remains Relatively Stable Amid XRP’s decline, a CryptoQuant analyst known as EgyHash has recently shared his analysis on the altcoin in a post titled, “XRP’s Market Paradox: With Ledger Activity Dipping 80%, Is a Rebound on the Horizon?” According to EgyHash, XRP’s on-chain and futures market data presents a mixed picture—declining activity but resilience in price. EgyHash noted that XRP Ledger activity has fallen sharply since December, with the percentage of active addresses down by 80%. Similar declines have been observed in the futures market, where open interest has dropped roughly 70% from its highs, and funding rates have occasionally turned negative. He added that the Estimated Leverage Ratio, which gauges average user leverage by comparing open interest to coin reserves, has also dropped significantly. Despite these indicators pointing to weakening momentum, the altcoin’s price has only declined about 35% from its peak. This is a milder correction compared to other assets such as Ethereum, which has fallen roughly 60% over the same period. Additionally, the altcoin’s Exchange Reserve has continued to decline, reaching levels last observed in July 2023. Lower reserves typically suggest that fewer tokens are available for immediate sale, a factor that can help support prices during market downturns. According to EgyHash, this trend, along with relatively stable pricing, could indicate growing long-term confidence in the asset. Institutional Developments Could Strengthen Market Sentiment While on-chain metrics remain a focus, institutional developments may also play a role in shaping XRP’s future trajectory. Hong Kong-based investment firm HashKey Capital recently announced the launch of the HashKey XRP Tracker Fund—the first XRP-focused investment vehicle in Asia. Backed by Ripple as the anchor investor, the fund is expected to transition into an exchange-traded fund (ETF) in the future. The initiative is designed to attract more institutional capital into the XRP ecosystem. HashKey Capital is launching Asia’s first XRP Tracker Fund—with @Ripple as an early investor. This marks a major step in expanding institutional access to XRP, the third-largest token by market cap. ???????? — HashKey Capital (@HashKey_Capital) April 18, 2025 HashKey Capital has also indicated that this collaboration with Ripple could lead to further projects, including tokenized investment products and decentralized finance (DeFi) solutions. Related Reading: XRP To $50? Technical Analyst Lays Out The Roadmap Vivien Wong, a partner at HashKey, emphasized the strategic value of integrating Ripple’s network with regulated investment infrastructure across Asia. Although the altcoin faces near-term pressure, long-term developments, including decreasing exchange reserves and rising institutional interest, may support its recovery as the broader market stabilizes. Featured image created with DALL-E, Chart from TradingView CoinOtag