Peter Schiff Offers Grave Warning About Bitcoin (BTC) Price, Crypto Community Reacts

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Wed, 03/04/2020 - 07:23
Alex Dovbnya

Euro Pacific Capital CEO Peter Schiff takes a shot at Bitcoin (BTC) after it failed to rally on the heels of the Fed's huge rate cut

Cover image via en.wikipedia.org
Contents

If not now, then when?

This is the question that gold bug Peter Schiff has for Bitcoin bulls after the leading cryptocurrency failed to rally due to the 50 basis point emergency rate cut that was announced yesterday by the U.S. Federal Reserve. 

Schiff doesn't think that BTC will be able to go up in the future if it doesn't respond to the Fed's reckless policies. 

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No Fed-driven rally 

As reported by U.Today, the top cryptocurrency rallied by more than 1.6 percent on the Fed news but its gains quickly evaporated.

It is worth noting that Satoshi Nakamoto unveiled his Bitcoin white paper just days after the U.S. central bank implemented its previous 50 bps rate cut. 

Given that crypto is supposed to thrive when the Fed is pressured by US President Donald Trump to ramp up money printing, Schiff doesn't understand under what other circumstances it is supposed to rally. Hence, he advises all Bitcoin investors to sell their crypto holdings.  

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Bitcoiners fight back 

Schiff's Bitcoin tweet inevitably went viral with many members of the cryptocurrency community trying to sway the staunch critic.

When one user wrote that Bitcoin can be used as a currency, Schiff immediately refuted the '1 BTC is 1 BTC' mantra by saying that people only hold it to speculate on price. 

Some Bitcoiners even think Schiff's tweet is actually bullish for the orange coin since his every attempt to slander crypto (ironically) marks the bottom of its corrections

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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