In an interview with Cointelegraph, economist Peter Schiff warns that Bitcoin’s gains are built on political and Wall Street support that may not last. In an exclusive interview with Cointelegraph, veteran economist and gold advocate Peter Schiff issued one of his starkest warnings yet about Bitcoin’s future, and the powerful forces he believes have inflated it. Schiff argues that the latest Bitcoin (BTC) bull market isn’t organic, but rather propped up by political influence in Washington, DC and Wall Street’s self-interest. Despite being proven wrong multiple times in the past, Schiff is doubling down on his statement that Bitcoin is a “bubble” and will eventually “go to zero.” The economist challenges the mainstream narrative that Bitcoin protects investors from inflation or dollar weakness, warning instead that the same institutions Bitcoin was meant to disrupt are now the ones keeping it alive. Read more
CleanSpark expanded its power capacity and secured a Texas site for its new AI campus, reflecting a broader shift among Bitcoin miners toward high-performance computing. Bitcoin miner CleanSpark expanded its power capacity by 28% in October as part of a broader push beyond crypto mining into artificial intelligence and high-performance computing (HPC). The US-based company said it had acquired 271 acres near Houston, Texas, securing 285 megawatts of long-term power for a dedicated AI data center. The move marks one of CleanSpark’s largest steps yet to diversify its operations as demand for energy-intensive computing continues to surge. CleanSpark’s AI move also led to a new partnership with Submer, a company that offers cooling solutions for data centers. “While Bitcoin remains an integral part of our business, we’re equally focused on developing large-scale data centers that will power the next generation of innovation across the digital world,” said Matt Schultz, CleanSpark’s CEO and chairman. Read more
Bitcoin price fell to 4-month lows below $100,000 as sellers completely overwhelmed buyers, and analysts speculated that “dead bodies” from the Oct. 10 sell-off are finally beginning to surface. Key points: Bitcoin falls to 4-month lows below $100,000 as sellers capitulate and spot BTC ETF outflows increase. Traders pinpoint the $88,000 to $95,000 range as a potential bottom. Read more