Bitcoin continues its impressive ascent, reaching an all-time high (ATH) of over $82,000, drawing renewed attention from both institutional investors and retail traders. As of the latest data, the coin is trading at $82,025, marking a staggering 120% increase over the past year. This surge has been fueled by growing political support for digital currencies, including endorsements from U.S. President-elect Donald Trump and a Congress showing increasing enthusiasm for crypto adoption.

However, not everyone is convinced that Bitcoin’s rise signals long-term success. Economist Peter Schiff, a vocal critic of the cryptocurrency, has once again expressed his skepticism, accusing Bitcoin promoters of manipulating the market and misleading investors. With Bitcoin’s growth stirring both excitement and doubt, the debate over its future has intensified.

Peter Schiff’s Harsh Critique of Bitcoin Promoters

Peter Schiff, Chief Economist at Euro Pacific Asset Management, took to social media platform X (formerly Twitter) to voice his concerns about the crypto market. In his latest post, Schiff remarked, “Over the years, Bitcoin promoters have corrupted many,” criticizing those who advocate for Bitcoin as a safe haven or long-term investment. He has long been an outspoken critic of Bitcoin, often describing it as a speculative bubble rather than a legitimate asset class.

Schiff argued that public figures, including former President Donald Trump, have shifted their stance on Bitcoin for political or financial gain. He claimed that Trump’s pro-Bitcoin position is not rooted in genuine belief but in the pursuit of votes and political advantage. Schiff pointed out that, prior to his political career, Trump had called Bitcoin a threat to the U.S. financial system, suggesting that the former president’s recent endorsement of Bitcoin is likely more about winning support than about promoting a long-term investment strategy.

Schiff: Bitcoin is Not a Threat to the Dollar

While Schiff has often criticized Bitcoin, he reiterated his belief that the cryptocurrency does not pose a real threat to the U.S. dollar or the American financial system. In fact, he pointed out that Bitcoin is “only a threat to those who hold it”—meaning those who invest in Bitcoin or businesses that rely on the cryptocurrency. For Schiff, the real threats to the dollar and the broader financial system are the nation’s ongoing fiscal mismanagement and reliance on gold as an alternative store of value.

Despite his criticisms, Schiff acknowledges that Bitcoin is a speculative asset that carries high risk. He believes that, although Bitcoin’s rise may hurt investors who bet on it long-term, it does not fundamentally challenge the global financial order in the way that some of its proponents claim.

Bitcoin’s Supporters Remain Optimistic

On the other hand, there are many within the financial industry who remain highly optimistic about Bitcoin’s future. One such advocate is Hunter Horsley, CEO of Bitwise Asset Management, who took to social media to explain why Bitcoin behaves differently from traditional equities. In his post, Horsley highlighted the unique way in which Bitcoin’s rising price drives further interest and investment. Unlike traditional stocks, where rising valuations can cause investors to pull back due to concerns of overvaluation, Bitcoin’s increasing price enhances the perception of its potential, making it even more attractive to new investors.

Horsley went on to say, “It’s likely to go up even further,” suggesting that Bitcoin’s momentum will likely continue in the coming months. His comments echo the sentiment of many within the crypto space, who see Bitcoin as more than just a digital asset—it’s viewed as a store of value and a hedge against inflation, particularly as governments around the world grapple with economic uncertainty.

Retail Interest in Bitcoin Reignites

As Bitcoin continues to climb, retail interest in the cryptocurrency has been on the rise. Google Trends data for Bitcoin-related searches reveals a sharp increase in interest, with the search volume score rising from a low of 73 in the past few months to an impressive 93. This surge in searches signals that retail investors are once again returning to Bitcoin, after a period of subdued activity.

The growing retail interest could further fuel Bitcoin’s upward momentum, especially as more individual investors look to capitalize on the coin’s rapid growth. With both institutional investors and everyday traders showing increased confidence in Bitcoin, the cryptocurrency could continue to attract significant attention in the months ahead.

Bitcoin’s Future: Will the Bull Run Continue?

As Bitcoin’s price continues to break new records, the question remains: how far can the cryptocurrency go? The surge in Bitcoin’s price is undeniably impressive, but it is also accompanied by a fair amount of skepticism from critics like Peter Schiff. While Bitcoin’s advocates see it as a transformative asset, others view it as a speculative bubble driven by hype and manipulation.

For now, Bitcoin seems to be riding a wave of optimism, bolstered by political backing, increasing institutional interest, and growing retail participation. The next few months will likely reveal whether Bitcoin can maintain its momentum or if the market will experience a correction. Regardless, the cryptocurrency’s recent performance has certainly cemented its place in the global financial conversation.