Peter Schiff on Bitcoin's Latest Rally: Every Dog Has Its Day

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Thu, 04/23/2020 - 16:53
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Alex Dovbnya
Peter Schiff, the CEO of Euro Pacific Capital, encourages Bitcoin HODLers to sell "fool's gold"
Peter Schiff on Bitcoin's Latest Rally: Every Dog Has Its Day
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Bitcoin’s most recent price uptick has ruffled the feathers of gold bug Peter Schiff

The crypto detractor has just tweeted that every dog, including “the fool’s gold,” has its day.    

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A high time to sell

As reported by U.Today, the price of Bitcoin recently surged to $7,800, its highest level since March 12. Schiff isn’t tired of repeating his piece of advice for those HODLers who look at the market through rose-colored glasses -- sell everything.  

The esteemed crypto critic believes that the 10 percent price uptick is a great opportunity to sell your holdings before the mother of all crashes.

Schiff routinely likens Bitcoin to a pump-and-dump scheme that is manipulated by whales. 

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A sucker’s rally? 

Despite Bitcoin touching its highest level since its March 12 crash, Bitcoin is still on shaky ground after an ugly rejection at the $7,800 level.

Many traders with the "sell the news" mentality are tempted to short Bitcoin ahead of the much-awaited halving that is going to happen on May 13. DonAlt, who predicted Bitcoin's price action in 2020, has just posted a scary chart with a target below $5,000. 

However, even another strong upside move would not be impressive enough for Schiff. He recently mentioned that the cryptocurrency was supposed to be trading at $50,000 due to the COVID-19 crisis.    

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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.