“Endless Cycle of Confirmation Bias”

Renowned “gold bug” and adamant critic of Bitcoin (BTC), Peter Schiff, has gone on another tirade to dismiss the flagship cryptocurrency as well as a $50 billion asset management company.

“It’s honestly sad”

The CEO of Europac has taken to Twitter to slam Bitcoin investors and Cathie Wood’s ARK digital assets conglomerate. He noticed that ARKK’s value just hit a yearly low and is trading 50% lower than in February 2021.

Bad news for #Bitcoin. @CathieDWood‘s $ARKK fell another 5% today, hitting a new 52-week low, 50% below it’s Feb. 2021 high. $GBTC closed down another 4.5%. It’s now 48% below its Feb 2021 high, trading at a 23.5% discount to NAV. Speculators are taking their chips off the table.

— Peter Schiff (@PeterSchiff) January 13, 2022

Also, Grayscale Bitcoin Trust (GBTC), an OTC investment product that provides market participants with exposure to Bitcoin (BTC) price fluctuations with no need to actually purchase Bitcoins, is another target of Schiff’s attacks.

GBTC lost 48% of its valuation due to the fact that “speculators are taking chips off the table.”

Charles Hoskinson, founder and CEO of Input Output Global, the software studio behind the development of Cardano (ADA) blockchain solutions, is sure that Mr. Schiff is biased:

This is an example of someone who cannot admit they are wrong and succumb to an endless cycle of confirmation bias. Peter will find any negative Bitcoin news for the next twenty years and post it. He’ll ignore all the good news. It’s honestly sad, and I feel for him

Cardano’s ecosystem expands its bet on Africa in 2022

As covered by U.Today previously, in the first days of 2022, Mr. Hoskinson shared the details of the most crucial partnership in Africa. According to him, Cardano teams up with the firm Pezesha to build a peer-to-peer remittances ecosystem for the unbanked.

The new system will provide the African population with incredibly low microfinancing rates, starting from 2-4%, which is orders of magnitude lower than that of existing systems.

In the last three days, the ADA price added more than 10%: Cardano’s flagship asset is changing hands at $1.30 on major spot crypto platforms.