David Schwartz, CTO of Ripple Inc. has doubts about the prediction Peter Schiff made about the post-halving Bitcoin (BTC) price movements.
Sell the fact
According to Mr. Schiff, the Bitcoin (BTC) market after the halving will be dominated by bears. We need to brace ourselves for massive liquidations, he insists.
The #Bitcoin halving, the most highly anticipated milestone in Bitcoin’s development, is now less than a month away. As it's universally regarded as being bullish, lots of speculators have already bought. This risks a huge "sell the fact," as those hoping to cash in, cash out.— Peter Schiff (@PeterSchiff) April 14, 2020
Liquidations will be led by speculators under the ‘sell the fact’ mantra. As per the gold bug's analysis, all of those interested in buying Bitcoin (BTC) have already bought it.
Ripple CTO and well-known developer David Schwartz expressed his disagreement with Mr. Schiff's tirade. According to him, the seasoned investor misinterpreted the correlation between the market sentiment and the upcoming price movement.
You're saying the halving's bullish affect on supply is priced in but the bearish sell pressure after it isn't? The reverse seems much more plausible to me, and yet still pretty implausible.
As a response, Mr. Schiff highlighted one more time that after the third halving, the market will soon be over-saturated with buyers.
Extrinsic value, intrinsic value
XRP community legend Tiffany Hayden decided to join the discussion. She outlined that Mr. Schiff's theories about the value of assets don’t work in crypto since they are ‘imported’:
Peter’s opinion of intrinsic value is nothing more than a moral import. In reality, the value of extrinsic goods is DERIVED from the value of intrinsic goods. They’re good insofar as they are necessary for the achievement of ends that are good in themselves.
As previously reported by U. Today, Peter Schiff is sure that the long-awaited Bitcoin (BTC) halving is being dramatically over-estimated.