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Gold bug and economist Peter Schiff recommended selling bitcoin today, stressing that it’s “the smart move.” Many people disagreed with Schiff’s analysis of the cryptocurrency price, warning that he is telling investors to sell low.
Bitcoin advice from Peter Schiff
Gold bug and economist Peter Schiff has a Christmas message for bitcoin investors. Schiff is the founder and current chairman of Schiffgold, a precious metals trader specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.
He tweeted on Sunday:
My Christmas gift to HODLers is this bitcoin chart. As you can see, bitcoin is much closer to its high than its low. The yellow line that was once support is now resistance. Since the upside potential is so low and the downside risk so high, the smart move is to sell today.
The Bitcoin price chart tweeted by Peter Schiff on December 25.
While some people thanked Schiff for his advice, many criticized the economist for telling people to sell low and causing panic selling. “Just a tip for you: write these things down when bitcoin is at the top (eg around $200,000 next time) and you might help someone. Doing this near the bottom doesn’t help. You’ve seen that last time,” one replied to Schiff’s tweet.
Some people took Schiff’s warning as a sign that the bottom was in. A number of people have said that they just bought more coins since the price of BTC skyrocketed after Schiff said to sell in the past. Many people disagreed with Schiff’s BTC price analysis, telling the gold bug to zoom out on the bitcoin chart to see a buy signal. “The bottom is in it,” one wrote.
A number of people have reminded Schiff that bitcoin has significantly outperformed gold in the long run. “My Christmas present to Peter Schiff is this gold chart comparing his performance to bitcoin during the highest inflation period in a generation,” one detailed.
Many bitcoin investors have accused Schiff of not understanding cryptocurrency. However, the economist defended his knowledge of BTC in a tweet last week: “The bitcoin gang HODL accuses me of not understanding bitcoin. They think if I just took the time to learn the underlying technology, I would embrace it. He claimed:
The truth is, I understand bitcoin much better than the people who own it. That’s why I don’t.
Schiff regularly warns against bitcoin. Last week, he warned that BTC may not rise when other financial assets rebound. In November, he predicted bitcoin had a long way to go, valuing BTC at $10,000. He also thinks the US dollar will crash and the actions of the Federal Reserve will lead to a massive financial crisis.
What do you think of Gold Bug Peter Schiff’s warnings? Let us know in the comments section below.
Kevin Helms
Image credits: Shutterstock, Pixabay, Wiki Commons
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