Whales Need 'Lots of Fools' to Get Rid of Their Bitcoin Holdings: Peter Schiff

Gold bug Peter Schiff recently sparred with Gemini co-founder Tyler Winklevoss on Twitter by accusing him of manipulating the price of Bitcoin.

Schiff is convinced that Winklevoss is one of those whales who needs ‘lots of fools’ to get rid of his Bitcoin holdings.

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Not ‘foolish’ enough to buy Bitcoin

In response to Schiff, Winkelvoss quipped that the supply of fools would never run ‘too low’ as long as the ardent Bitcoin critic was still around.     

Schiff leveling attacks at the famous twins shouldn’t come as a surprise. After learning about Bitcoin on the secluded island of Ibiza in 2012, the duo took a risky bet and started to invest in Charlie Shrem’s BitInstant and buying tons of coins themselves. Eventually, they became billionaires and spearheaded the new digital movement.

The gold bug, on the other hand, chose to remain on the sidelines of the crypto revolution despite learning about BTC as early as in 2011.

Now that Bitcoin is trading at $9,500, down roughly 53 percent from its all-time high, Schiff claims that he’s now fullish enough to by Winklevoss’ Bitcoin.   

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Schiff’s never-ending Bitcoin bashing

Since Bitcoin threatens to upend gold’s dominance as the go-to store of value, Schiff isn’t getting tired of discouraging his followers to invest in the nascent asset class.

His main argument is centered around price speculations that are driven by large holders. Schiff believes that Bitcoin will not be able to survive without whales suckering in new buyers.

However, the days when the Winklevii themselves could move the price of Bitcoin with one buy order on the now-defunct Mt. Gox exchange are long gone.  

Schiff’s new talking point is that institutional investors are now abandoning Bitcoin after the Goldman Sachs snub.