- Exec highlighted that Bitcoin’s halving slowed down the network.
- Schiff sees a bleak future for the king’s coin.
April marked the completion of a long-awaited event. With all eyes on the aftermath of Bitcoin [BTC] Halving, many analysts and experts were optimistic about the digital currency.
However, there is another side to the story. Peter Schiff, chairman of SchiffGold and cryptocurrency critic, contacted X (formerly Twitter). Highlight BTC’s exorbitant fees after the halving. He said,
“The cost to complete a #Bitcoin transaction is now $128 and takes half an hour to process. This is another reason why Bitcoin cannot function as a digital currency. The cost of actually using Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure.”
After the halving, fees for a medium priority transaction rose to over $146, while those for a high priority transaction rose to over $170.
Tokenized gold over Bitcoin
The gold versus Bitcoin debate has been long-standing. Schiff, who favored the former, shed light on gold’s prospects for being used as a means of payment.
The director noted:
“People are not currently using gold as a means of payment. But if they wanted to, gold could be tokenized on a blockchain. The transaction time would be almost instantaneous and the costs minimal. Gold works much better on a blockchain than Bitcoin.”
In light of ongoing political tensions, gold prices briefly peaked above $2,400/ounce. At the same time, the price of BTC experienced a decline.
At the time of writing, gold was valued at $2,539/ounce, while BTC was exchanging hands at $65,992.
Schiff’s BTC Price Prediction
On the trading front, bullish sentiment has remained dominant on the BTC charts. Schiff highlighted $60,000 as a crucial level to watch out for.
“$60K is a crucial support for #Bitcoin. A decisive break below that level will create a formidable triple top. The immediate downward projection is a move to $20,000.”
MicroStrategy owns approximately 1% of all Bitcoin in circulation, with approximately 214,000 BTC purchased at an average cost of $34,000 each.
However, if the value of Bitcoin were to fall to $20,000, the company would face an estimated “unrealized loss” of $2.7 billion.
Meanwhile, according to According to AMBCrypto’s recent analysis, the price may continue to fluctuate in a parallel channel between the ATH and the support at $61K.