Wall Street Banks Touting Bullish Views on Bitcoin Lack Conviction

Financial commentator Peter Schiff has once again criticized mainstream Wall Street's views on Bitcoin. He argues that banks and research firms publicly advocate bullish predictions but fail to back them up with their own capital.

Schiff pointed out that institutions such as Citigroup, Standard Chartered, Bernstein, JPMorgan, and Fundstrat have set year-end targets for Bitcoin ranging from $82,000 to $250,000. However, none of these firms hold Bitcoin positions on their balance sheets.

Instead of holding Bitcoin, some of these institutions offer custody services, trading desks, or blockchain infrastructure. Schiff cited Strategy's common stock MSTR, which has a nearly 40% discount to its Bitcoin holdings, and its preferred shares STRC with a 13.7% yield as signs that investors doubt the dividend is safe.