Economist Peter Schiff has urged crypto investors to sell their Bitcoin now, stressing how important it is to make “the smart move.” Many people dispute Schiff’s analysis of the digital asset price and warn that he is telling people to sell at the bottom.
Peter Schiff’s Bitcoin Advice
Economist Peter Schiff has offered a Christmas message to Bitcoin holders. Schiff is the founder and current chairman of SchiffGold, a precious metals dealer that specializes in silver bullion and gold. He has been a long-time crypto skeptic and routinely criticizes digital assets while advocating for gold.
He Tweeted on Sunday:
My Christmas gift to Bitcoin HODLers. As you can see, the top of the chart is now higher than the bottom. The yellow line, previously a support level, is now resistance. With the potential upside so low and the risks of further downside so high, it’s a smart decision to sell now.
While some people expressed gratitude to Schiff, many criticized the economist’s suggestion to sell in panic and at a discount. “Just a piece of advice for you: Write these things down when Bitcoin is at the top (for example, around $200K next time) and it might help someone. Doing this near the bottom doesn’t help. You saw this last time” replied to Schiff’s tweet.
Some people interpreted Schiff’s warning as a sign that the bottom has already been reached. Several people claimed they had just bought more BTC after the price of Bitcoin surged. Schiff can’t sell in the past. Many disagree with Schiff’s BTC price analysis and tell the gold bug to put away the chart and wait for a buy signal. “The bottom is in” wrote.
Several people reminded Schiff that in the long