Gold Bug and Economist Peter Schiff It recommends selling the coin, emphasizing that it is a “smart move”. Many disagreed with Schiff’s analysis of cryptocurrency prices, warning that he was telling investors to sell at the bottom.
Peter Schiff’s Bitcoin Advice
Goldbug and economist Peter Schiff have a Christmas message for Bitcoin investors. Schiff is the founder and current Chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing crypto while pitching gold.
He tweeted on Sunday:
My Christmas gift to HODLers is this Bitcoin chart. As you can see, Bitcoin is closer to the ceiling than the bottom. The yellow line that was once support is now resistance. The upside potential is very low and the downside risk is very high, so a smart move would be to sell today.
While some appreciated Schiff’s advice, many criticized economists for telling people to sell at the bottom, causing panic selling. One piece of advice: write these things when bitcoin is at the top (e.g. around $200k next time) so it might help someone. I saw this last time.” Onereplied to Schiff’s tweet.
Some people took Schiff’s warning as a sign that the bottom had hit. Many people said he bought more coins as the price ofBTC skyrocketed after Schiff said he had sold them in the past. Many people objected to Schiff’sBTC price analysis and directed Gold his bug to zoom out on the Bitcoin chart to check for buy signals. One wrotethat “bottomed out”.
Many people reminded Schiff that bitcoin far outperforms gold in the long run. “My Christmas present to Peter Schiff is this gold chart comparing bitcoin to its best inflationary performance of a generation.”
Many Bitcoin investors accuse Schiff of not understanding cryptocurrencies. However, the economist defended his knowledge of BTC in a tweet last week. They think that if I take the time to learn about the underlying technology, they will accept it. He argues:
The truth is, I understand Bitcoin much better than the people who own it. That’s why I don’t.
Schiff regularly warns about Bitcoin. Last week, he warned thatBTC may not rise when other financial assets recover. In November, he predicted that Bitcoin has a long way to go down, valuingBTCat $10,000. He also believes the US dollar will crash and the Federal Reserve’s actions will lead to a massive financial crisis.
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