Bitcoin price gaining just 3% this week indicates that investors should sell it as concluded by gold bug Peter Schiff. In a March 4 tweet, the vocal crypto critic alleged that Bitcoin should have taken much advantage of the volatility experienced in the traditional markets.
Although the flagship token reclaimed the $8,800 level since the weekend, Schiff believes that BTC/USD will not give up and thus, selling pressure will soon develop. He commented:
“If @Bitcoin can’t rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally? If Bitcoin won’t go up, why own it? The answer to that question is ‘sell.’ Look out below!”
The bitcoin proponents who strongly disagree with Schiff’s complaints were quick to point out that in general, Bitcoin had already delivered gains of several magnitudes much higher than gold’s since it was released in 2009. The @Bitcoin Twitter account retorted:
“Which one would an intelligent person hold for 8 years? Gold – Still down Bitcoin – Up 2000x”
Do not do things like Peter
WhalePanda took a similar approach tweeting:
“Imagine being Peter. Knowing about Bitcoin since 2011, still trying to say it will crash any day now. Gold is about same price now as it was in 2011. Bitcoin… went from $1 in 2011 to $8.8k now. Don’t be like Peter.”
Schiff has increased the frequency of his allegations that its future is doomed despite Bitcoin’s year-to-date returns alone, circling 20% at current prices. Last week, he said that Bitcoin proponents and enthusiasts have refused to believe in its increasingly-popular status as a haven investment.
Concurrently, gold suffered its most massive one-day loss since 2013 as a result of the coronavirus fears. After the US Federal Reserve enacted an emergency 0.5% rate cut on March 3, the first of such move since the 2008 financial crisis, gold added 2.5%.