Peter Schiff blames the “whales” after Bitcoin won 30% against gold
Peter Schiff, HOLDer of a bygone era, has argued that retail investors are being pressured by whale tactics in cryptocurrency markets.
In a tweet published on October 29, Schiff, a gold defender, said:
“Bitcoin Holders will not sell because they believe they will become rich when #Bitcoin lunee. Bitcoin whales are enriched by selling now to get their paper earnings before a market collapse annihilates them. Whales must ensure that holders do not lose faith and get money so they can get money. ”
The recent fall of gold
Schiff’s comments come after a week of dazzling market gains for the main cryptocurrency, with Bitcoin (BTC) registering its highest intraday gain, with 42%, since 2011.
Against gold, Bitcoin rose more than 30% on October 26, before Schiff’s statements.
Twitter respondents responded that the pattern was not exclusive to digital asset classes; the less generous joked sarcastically that, for Schiff, only gold is immune to such commercial tactics.
On October 29, gold fell sharply to its lowest point in a week, amid investor optimism in the wider markets, with high hopes for a trade agreement between the United States and China.
However, a cut in Federal Reserve interest rates could be bullish for the precious metal, with lower rates that reduce opportunity costs for holders.
A store of value for the digital age
As reported, Schiff has been flat and consistently pessimistic in his forecasts regarding Bitcoin.
The latter’s growing recognition as a safe asset has contributed to its nickname of “digital gold” and the cryptocurrency has fallen more frequently in a close correlation with physical gold at various points in recent market cycles.
Industry commentators point to the increasingly tense issue of central bank policy as bullish “rocket fuel” for Bitcoin price behavior.
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