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Longtime crypto critic Peter Schiff argues that Bitcoin's recent surge above $80,000 is irrational because the Securities and Exchange Commission's approval of tokenized stocks creates direct competition for the digital asset.
Schiff contends that the regulatory move weakens Bitcoin's case as a store of value by offering investors a new asset class that combines blockchain infrastructure with traditional equity rights.
Bitcoin jumped more than 5% on Friday, reaching approximately $80,587, after the SEC opened a regulatory pathway for tokenized US equities.
The cryptocurrency continued to rise on Saturday, trading around $81,290, which represented a 1.6% increase over the preceding 24 hours.
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