Foreign media reports indicate that gold supporter Peter Schiff has recently reiterated his bearish stance on Bitcoin and shifted his focus to the stablecoin market. He believes that as USDT continues to expand its use in payments, transactions, and cross-border transfers, its market capitalization may first surpass Ethereum and eventually catch up with Bitcoin.
USDT's scale continues to expand.
Schiff posted on social media that Tether's market capitalization will soon surpass Ethereum's, and may even surpass Bitcoin's; it's just a matter of time. His judgment is based on the premise that the use cases for stablecoins are still expanding, and that the price volatility of such assets is far lower than that of Bitcoin and Ethereum.
According to DeFiLlama data, Tether's current market capitalization has risen to approximately $187 billion, remaining the world's largest stablecoin. The article mentions that USDT is currently widely used in the crypto market for fund transfers, payment settlements, remittances, and digital dollar transfers.
Bitcoin is under pressure recently
Schiff made these remarks as Bitcoin was undergoing a correction. The report noted that Bitcoin had fallen nearly 15% since early June, recently dropping to around $61,500, a roughly four-month low.
He also pointed to tech stocks as the source of the pressure. Schiff believes that Bitcoin previously benefited from the broader rise in tech stocks, and if the tech stock correction continues, Bitcoin may continue to be under pressure, while some funds may flow back into traditional safe-haven assets such as gold.
Market opinions remain divided on whether the market has bottomed out.
However, the market isn't all pessimistic. Scott Melker, host of The Wolf Of All Streets, said that Bitcoin's weekly Relative Strength Index (RSI) has entered a low range that has been common in the past few cycles, similar to the significant bottoms in 2015, 2018, and 2022.
He also pointed out that oversold conditions do not necessarily mean an immediate price rebound, but they often occur in the latter part of a correction. This means that while the size of stablecoins continues to expand, Bitcoin's short-term trend will still depend on the overall performance of risk assets and changes in market funding preferences.
