Bitcoin Rally Driven by Risk Appetite, Not Safe Haven Demand
In a sharp critique of mainstream media coverage, one market commentator has called out CNBC for attributing Bitcoin's breakout above $100,000 to investors seeking refuge during uncertain times.
Contrary to this narrative, the analyst argues that the surge was actually fueled by risk-on sentiment, with investors rotating out of traditional safe havens and into more speculative assets like Bitcoin.
The distinction is critical: while the “digital gold” narrative remains a popular framework, recent market behavior suggests Bitcoin may still be viewed as a high-risk, high-reward asset — particularly appealing in bullish conditions. As capital flows shift in search of higher returns, Bitcoin’s rise could reflect a broader appetite for risk, rather than a defensive strategy against macro uncertainty.
His skepticism toward the cryptocurrency has been consistent for over a decade, earning him a reputation as one of Bitcoin’s most vocal detractors in traditional finance circles. Here are some notable examples of his past negative comments:
1. Bitcoin is “Fool’s Gold”
Schiff has repeatedly argued that Bitcoin has no intrinsic value and likened it to “fool’s gold.” He insists that unlike gold — which has industrial uses and a history as a store of value — Bitcoin is purely speculative and destined to fail in the long run.
2. “Bitcoin Will Go to Zero”
On several occasions, Schiff has predicted that Bitcoin’s value would eventually collapse to zero. For example, in interviews and tweets from 2017–2020, he dismissed BTC rallies as bubbles and said that holders would be left with nothing once the hype faded.
3. Criticism During Bull Runs
Even during major bull markets, Schiff has maintained his bearish stance. In 2020 and early 2021, while Bitcoin surged to new all-time highs, Schiff warned investors it was a “sucker’s rally” and advised them to sell before the inevitable crash.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
