As of today, the trading price of this leading cryptocurrency is close to $118,900, and after a quick pullback, traders are debating whether there will be another rise towards the historical high.
For many in the market, the recent surge is another sign that growth momentum still clearly favors Bitcoin. However, for long-time critic Peter Schiff, this is just a new chapter in what he calls a dangerous bubble. Schiff dismisses the rise, believing it is merely a wave of speculation on something he still views as 'the biggest investment scam in history.'
Although analysts are optimistic that a breakthrough of $125,000 could create new historical highs, Schiff's skepticism points to a deeper concern — the rise of Bitcoin is largely disconnected from real-world applications and more related to the speculative frenzy driven by institutional investment, ETF demand, and corporate balance sheet bets.
Some market observers warn that this cycle is fundamentally different from previous cycles. With publicly traded companies holding large reserves of Bitcoin and exchange-traded products attracting billions of dollars in inflows, this asset is more tightly connected to traditional markets than ever before.
This connection may increase risks when sentiment reverses. For example, a large-scale sell-off of 'Bitcoin proxy' stocks could trigger a chain reaction — stock prices fall, corporate purchasing power declines, and BTC prices drop even faster.
Currently, traders are watching whether the support level of $115,000–$116,000 can hold. But as Schiff's recent comments remind the market, perhaps the bigger question is not whether Bitcoin can rise again, but what will happen to the ecosystem of companies and investment funds developing around it if the trend reverses.
