Economist and gold specialist Peter Schiff recommended selling bitcoin today, noting that it is a “smart move“. Many people disagreed with Schiff’s analysis of the crypto-currency’s price, warning that he is telling investors to sell low.
Peter Schiff’s advice on bitcoin
Economist Peter Schiff has a Christmas message for bitcoin investors. Peter Schiff is the founder and current president of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly denigrating the crypto while promoting gold.
My #Christmas gift to #HODLers is this #Bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today. pic.twitter.com/lPOLABGEQQ
– Peter Schiff (@PeterSchiff) December 25, 2022
He tweeted on Sunday:
My Christmas gift to HODLers is this bitcoin chart. As you can see, bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and the downside risk so high, the best decision is to sell today.
While some people thanked Schiff for his advice, many criticized the economist for telling people to sell low and causing a panic sale. “Just a tip for you: write these things when bitcoin is around the top (e.g. around $200K next time) and you might just help someone. Doing this near the bottom does not help. You saw it last time“, responded one of them
Some people took Schiff’s warning as a sign that the bottom is in. A number of people said they just bought more coins since the price of BTC soared after Schiff said to sell in the past. Many people disagreed with Peter Schiff’s advice. Bitcoin by telling gold fans to zoom out on the bitcoin chart to see a buy signal. “The bottom is in“, a wrote another person
A number of people reminded Peter Schiff that bitcoin has vastly outperformed gold over the long term. “My Christmas gift to Peter Schiff is this chart on gold that compares its performance to bitcoin’s during the highest inflation in a generation“, said one.
Many bitcoin investors have accused Peter Schiff of not understanding the crypto-currency. However, the economist defended his knowledge of the Bitcoin crypto-currency in a tweet last week:”The bitcoin HODL gang accuses me of not understanding bitcoin. They think if I took the time to learn the underlying technology, I would adopt it.” He stated:
The truth is that I understand bitcoin much better than the people who own it. That’s the reason I don’t.
Peter Schiff regularly warns against bitcoin. Last week, he warned that BTC may not rise when other financial assets rebound. In November, he predicted that bitcoin has a long way to go, valuing BTC at $10,000. He also believes that the U.S. dollar will collapse and that the Federal Reserve’s actions will lead to a massive financial crisis.