• Peter Schiff attributes the recent rise in Bitcoin’s price to the launch of a new cryptocurrency exchange called EDX Markets, which was established by leading financial firms Fidelity, Citadel, and Charles Schwab.
• Schiff expresses a pessimistic view of the new exchange, referring to it as another way to gamble and suggesting that there will not be long-term demand for it.
• Despite ongoing legal battles faced by major exchanges like Binance and Coinbase, the community continues to view the establishment of a joint cryptocurrency exchange by large institutions as a positive development.

Peter Schiff Attributes Bitcoin’s Rise to New Cryptocurrency Exchange

Famous economist Peter Schiff has provided an explanation for the recent surge in Bitcoin’s price, which quickly surpassed $28,000. In a recent social media post, Schiff mentioned that this rise can be attributed to the launch of a new cryptocurrency exchange called EDX Markets, established jointly by prominent financial firms Fidelity, Citadel, and Charles Schwab.

A Pessimistic View of the New Exchange

Schiff, known for his pessimistic outlook, described the new cryptocurrency exchange as another avenue for gambling. He implied that there will not be long-term demand for this exchange and stated the following in his explanation:

“Bitcoin reached over $28,000 on news that Wall Street firms have launched an exchange that will allow speculators to trade cryptocurrencies. I doubt there will be much long-term demand for this exchange. Having more ways to gamble with Bitcoin doesn’t make it more valuable.”

Positive Reception Despite Legal Challenges

EDX Markets will initially offer services exclusively for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The establishment of a joint cryptocurrency exchange by large institutions continues to be viewed positively by the community, despite ongoing legal battles faced by major exchanges like Binance and Coinbase.