While Investors Remain Confident in Bitcoin’s Rise, Peter Schiff, Famed Critic, Continues to Advise Investors to Sell Their Cryptocurrency “Before it’s too late”.
This discussion started in the penultimate week. Trading after that at around $18,000 would be an exit opportunity, Schiff said, recommending investors buy gold.
“Bitcoin is trading above $18,000, a 3-week high, an excellent opportunity for holders to sell ahead of the December CPI.”Peter Schiff commented two weeks ago. “Gold is up just $10 to trade at an 8-month high. While bitcoin has already crashed, so has gold. Time to ditch bitcoin.”
# Bitcoin Trading above $18k, its highest level in 3 weeks, is an excellent opportunity for #pregnant On sale before the December release. #CPI. #gold It’s up just $10, and it’s trading at an 8-month high. While bitcoin did crash, gold did. It’s time to drop bitcoin.
– Peter Schiff (@PeterSchiff) January 12, 2023
From your tweet above, bitcoin shooting 30%, proving that he is more alive than ever. With a market capitalization of $435 billion, it is once again more valuable than JPMorgan Chase and companies like Walmart and Meta.
For gold, bitcoin is still far away. The market cap of Schiff’s selected assets is $12.7 trillion, but many believe Bitcoin could steal his throne at some point.
For this, Bitcoin needs to reach $660,000, but there are some key prices that need to be broken first, such as $100,000.
Peter Schiff does not believe that Bitcoin will reach $100,000
Apparently Peter Schiff became a joke after he recommended selling Bitcoin and the asset went from $18,000 to $23,000 in just a few days. In his defense, the critic came back to talk about the issue on Wednesday (25), and once again recommended selling.
“You know what’s worse than advising people to sell Bitcoin and then seeing it go up 30% in the next week? Own Bitcoin, watch it go up 30% in one week, sell nothing, then watch the whole rally reverse and Bitcoin fall below the level you originally rose in it.”
You know what’s worse than advising people to sell? # Bitcoin, and then watch it rise 30% over the next week? Owning Bitcoin, watching it rise 30% in one week, without selling anything, and then watching the entire rally reverse and Bitcoin collapse below the level it originally rose from.
– Peter Schiff (@PeterSchiff) January 24, 2023
One of his followers asked about his advice when Bitcoin hits $100,000, but Schiff remains skeptical of the cryptocurrency.
“I probably wouldn’t tell them anything about Bitcoin at $100,000 because it’s very unlikely that Bitcoin will ever be traded [a um preço] very high.”
I probably won’t tell them anything at Bitcoin $100K because Bitcoin is not likely to trade that high.
– Peter Schiff (@PeterSchiff) January 24, 2023
Now, many are waiting for the time to prove Peter Schiff wrong again. One of them is his son, who, unlike his father, Spencer Schiff believes that bitcoin is better than gold.
Can Bitcoin reach $100,000?
With governments printing money nonstop, it is easy to believe that bitcoin will reach $100,000 in the long run. After all, its mathematically controlled rarity is one of its greatest advantages. However, it is difficult to set a date.
For some popular analysts, this could happen in the next few years, with $69,000 being the only strong resistance on the charts. So while Bitcoin’s volatility makes it a risky asset, the biggest risk is not having a little BTC in your wallet.
As for gold, Schiff’s favorite asset, it continues to serve as a defensive asset. That is, it is difficult to expect significant returns, but this does not mean that they should be ignored. Finally, despite the differences, the two originals have similar characteristics at their core, being more allies than enemies.