Peter Schiff was always skeptical about bitcoin and instead argued for gold. Some saw Schiff’s warning as a sign that we had reached rock bottom.
Peter Schiff, an economist with a gold ratio, has a holiday greeting for bitcoin holders. Schiff founded Schiffgold, a precious metals company that deals in gold and silver, and serves as its CEO. He is always skeptical about bitcoin and instead advocates for gold.
“My Christmas present to HODLers is this bitcoin chart. As you can see, bitcoin is closer to its top than its bottom. The yellow line that used to be support is now resistance. Since the upside potential is low and the upside risk is high, the smart thing is to sell today. »
Peter Schiff: Looking Back For Advice
While many appreciated Schiff’s help, others criticized the economist for triggering the selloff and said it was the bottom of the market.
Some saw Schiff’s warning as a sign that we had reached rock bottom. Since the price of Bitcoin has risen since Schiff advised investors to sell, some say they have received another coin. Schiff’s BTC price analysis has been widely criticized, with many advising gold bugs to expand their view of bitcoin charts to spot buy signals.
People pointed out to Schiff that the long-term performance of bitcoin is better than that of gold. Bitcoin has been struggling for a long time with the market price 75% below the peak of last year. Many things have stirred up the crypto industry, including the recent collapse of the crypto exchange FTX. This requires legislation from governments around the world.