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Peter Schiff Opines Why Tesla Not Dumping Its Bitcoin Is “Even More Bearish” for BTC

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Mon, 17/05/2021 - 9:53
 Peter Schiff Opines Why Tesla Not Dumping Its Bitcoin Is “Even More Bearish” for BTC
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Euro Pacific Capital CEO Peter Schiff, who is a gold fan and a long-term Bitcoin critic, has taken to Twitter to comment on Elon Musk's recent tweet regarding Bitcoin.

As Musk tweeted that Tesla still holds Bitcoin on its balance sheet, Schiff has responded that this is "even more bearish" than if it had sold any.

Schiff opines on why Tesla not selling yet is bearish

The prominent Bitcoin hater has tweeted that Tesla's not selling any BTC yet is bearish since Musk's tweet has pushed so many holders to sell their BTC.

According to the Euro Pacific Capital CEO, when Tesla actually begins to dump its Bitcoin, the price may collapse much lower than now.

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In another recent tweet, Schiff also stated that the influence of Elon Musk on the world's major digital currency is so huge that this is another reason for him not to consider Bitcoin money or a safe-haven asset.

If a single @elonmusk tweet can have so much influence over the price of #Bitcoin how can anyone seriously consider it to be money? How can Bitcoin be a safe-haven asset if a one-word tweet puts it at risk? It should be clear by now that buying Bitcoin is gambling, not investing.

Analyst Joseph Young, however, believes that should Tesla indeed start selling Bitcoin, the FUD would be much weaker than it is now.

BTC exchange inflows spike

Meanwhile, as Bitcoin has not increased and is trading at the $45,150 level, Glassnode analytics agency has reported that BTC exchange inflows have risen in volume, hitting a one-month high.

As of now, it totals $131,990,655.51. Similarly, the Bitcoin balance on exchanges has spiked to a one-month high of 2,519,940.984 BTC.

Related

Largest Bitcoin correction since March 2020: Peter Brandt

As reported by U.Today, legendary commodity trader Peter Brandt tweeted that the current Bitcoin price setback is the largest correction since March of last year, when the major cryptocurrency tanked more than 50 percent in one day.

On May 2, Brandt tweeted that a "come to Jesus correction" should arrive at some point—though maybe not this year or this month—and then profits will be lost.

However, Bitcoin has seen a slight rise after Musk clarified that Tesla had not sold any Bitcoin from its balance sheet yet.

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