Peter Schiff: USDT Market Cap Will Eventually Surpass Bitcoin, BTC Finds Support Around $61,000 Short Term

BlockBeats News, June 4th, according to BSCN, Bitcoin long-time critic Peter Schiff recently stated that Tether's market cap will not only surpass Ethereum in the future but will eventually also overtake Bitcoin. He believes that the only uncertainty is not the outcome but how long this process will take to complete.

Schiff expressed that as stablecoins continue to expand their applications in payments, transaction settlements, and the circulation of digital dollars, the market's demand for USDT may continue to grow at a faster pace than volatile assets such as Bitcoin. He insists that Bitcoin lacks intrinsic value, while the use cases of stablecoins in actual financial activities are more apparent.

However, Schiff also noted that following the recent market downturn, Bitcoin has found short-term support around $61,000. BTC has rebounded over $2,000 from its recent low, demonstrating some buying support in this range.