Christmas conjures up images of warmth, joy, and peace. Unless you are cryptocurrency critic Peter Schiff.
On Christmas Day, the loudest anti-Bitcoin voice had yet another message to share with Bitcoin proponents – a price chart suggesting Bitcoin is closer to its ceiling than its floor. "My #Christmas gift to #HODLers is this #Bitcoin chart," tweeted Schiff. He then asserted that the "upside potential of Bitcoin is so low and downside risk so high."
Schiff followed up his thoughtful gesture by warning HODLers to “sell today” due to the potential high downside risk relative to low upside potential. He then finished off with a gracious closing offering HODLers to thank him later for the money they will save by selling today.In his next tweet, Schiff compared Bitcoin's trajectory with gold in 1999--but said it would likely take a dramatically different path. He suggested that rather than breaking out, Bitcoin would "break down," and labeled it "the anti-gold."
According to Schiff, cryptocurrencies are just a means of speculation, not real money. He routinely argues Bitcoin’s value is purely based on perception and manipulation. The economist is convinced that gold is the only real “safe-haven” asset.
As reported by U.Today, Schiff recently said that he understands Bitcoin better than Bitcoiners themselves, which is precisely why he doesn’t own the largest cryptocurrency.