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Peter Schiff Believes Bitcoin Likely to Keep Falling for This Particular Reason

Mon, 08/29/2022 - 11:28
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Yuri Molchan
Vocal Bitcoin critic expects Bitcoin to continue its fall, naming a likely reason from his poll
Peter Schiff Believes Bitcoin Likely to Keep Falling for This Particular Reason
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Founder of SchiffGold and chief executive at Euro Pacific Capital, economist and fund manager Peter Schiff has taken to Twitter to conduct a poll related to the current collapse of Bitcoin below the $20,000 level.

Based on this survey, the gold bug Schiff has suggested the reason why the leading crypto might not recover the psychological mark of $20,000 and may go further down.

"There's more Bitcoin sellers than buyers"

Schiff tweeted that he believes that although there is a large number of Bitcoin buyers below the $20,000 level, there are even more of those who wish to sell BTC above $20,000.

He set up a poll to find out what his followers on Twitter think about this. So far, the majority, 52.9%, have voted to say there are more sellers of Bitcoin than those who wish to buy it.

Within 13 hours of launch, 16,336 people have already taken part in the vote.

Earlier this year, Peter Schiff stated a couple of times that he had nearly gotten it right with his bearish predictions for Bitcoin — it happened in late June and also nine days ago in August.

"Bitcoin Derangement Syndrome"

Schiff's son Spencer, who is a Bitcoiner, rebuked his father for spending "too much time watching the price." He admitted that even BTC holders do not spend that much time doing it. Schiff Jr. referred to his father's actions as "Bitcoin derangement syndrome."

On Saturday, Schiff Sr. wished a happy birthday to Spencer Schiff, again mentioning his passion for Bitcoin. Schiff Jr. responded that his attraction to BTC is not a passion but rather a belief that BTC can make "humanity more prosperous and technologically advanced."

Last year, in August, Spencer Schiff stated that he had gone all-in on Bitcoin from gold that his father loves and trusts so much.

Key whale addresses up in past month

Santiment on-chain data vendor has tweeted about Bitcoin's movement around the $20,000 mark over the weekend, pointing out a correlation between the price of the flagship digital currency and whale wallets that hold between 100 BTC and 10,000 BTC.

According to the recent tweet, the number of these wallets has increased by 103 in the past 30 days.

Ancient Bitcoin Whales Are Awakening, What's Happening?

Bitcoin pushed below $20K by Powell's speech

The decline of BTC first below the $21,000 level, which later extended under $20,000, is believed to be caused by the speech of Fed Reserve chairman Jerome Powell on Friday.

He stated that the U.S. central bank intends to keep to its hawkish position for a while longer. In reaction to this, both the stock markets and the crypto market started falling heavily.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at