The price of bitcoin has been highly volatile since the start of December and its parabolic surge is slowly converting critics into proponents. Bitcoin hit a new high over the past weekend in the most recent episode of a spectacular 2021 bull run. What happens next for the hodlers. As the biggest crypto approaches the $60K level, one critic, Peter Schiff, appears to be thinking about investing in the coin.
Interest from Schiff has pushed some to say that the bitcoin bulls should get out while they can if he invests. Schiff might buy huge amounts of bitcoin for speculation only not for long-term holding.
In a seemingly cryptic tweet over the weekend, the gold bug asked at what point he should look to sell any of the bitcoin that he might buy. He asked:
“If I were to actually buy some #Bitcoin, how would I know when to sell? If your answer is to never sell, then what is the point of buying in the first place? I can’t exchange it, as merchants don’t take it. I need to sell it first, either myself or using an intermediary like Bitpay. But I’m not talking about small amounts. When do I sell to take profits or cut my losses?”
Schiff has dabbled in BTC before and he complained about losing his wallet password. But, he has repeatedly made a name for himself by shaming and criticizing its economic basis and promoting gold as the only viable option to solve fiat money inflation issues.
Interest in hodling has therefore put some wind up the trading community who have viewed it as a classic sign of a bull market that has already got out of control. One crypto trader Scott Melker responded:
“Slowly then all at once. If he buys, I’m out.”
Based on reports from 2021, bitcoin surpassing $50,000 might have been the event that has pushed Schiff to invest.