Wall Street's Bitcoin Bulls Refuse to Put Money Where Their Mouth Is

Financial commentator and Bitcoin critic Peter Schiff has accused Wall Street banks of hypocrisy in their stance on Bitcoin. Schiff claims that these institutions publicly advocate bullish views on the asset but have never backed their predictions with their own capital.

According to Schiff, Wall Street banks 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 banks hold Bitcoin positions on their balance sheets.

Instead, they offer custody services, trading desks, and blockchain infrastructure. The Bitcoin price has been down over 27% year-to-date, trading at $64,062.

Schiff also pointed out that Strategy's common stock MSTR has a trading discount to its Bitcoin holdings of almost 40%, and its preferred shares (STRC) yield 13.7%, indicating that investors expect the dividend to be cut.