- Peter has always been skeptical about bitcoin and has instead advocated for gold.
- Schiff’s warning was seen by some as proof that we’ve reached rock bottom.
Peter Schiff, an economist, and staunch gold bull, has a holiday greeting for bitcoin holders. Schiff established Schiffgold, a precious metals company that deals mostly in gold and silver bullion, and serves as its chairman. He has always been skeptical about bitcoin and has instead advocated for 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.”
Faces Backlash Over Advice
Although many appreciated Schiff’s help, others blasted the economist for inciting a selloff and saying that it was the bottom of the market.
Schiff’s warning was seen by some as proof that we’ve reached rock bottom. Since the price of Bitcoin has increased since Schiff advised investors to sell, some have alleged they have just acquired additional coins. Schiff’s BTC price analysis was widely criticized, with many advising the gold bug to expand their view of the bitcoin chart in order to see a buy signal.
People have pointed out to Schiff that bitcoin’s long-term performance has been far stronger than gold’s. Bitcoin has been struggling for a long time with prices trading at 75% lower than the peak it reached last year. Multiple factors have shaken the crypto industry including the recent fall of the FTX crypto exchange. This has called for regulations from governments across the globe.