- Peter Schiff has come for Bitcoin again on Twitter by calling the world’s largest cryptocurrency a risky investment.
- Schiff has made false price predictions for Bitcoin in the past, making several negative comments about the cryptocurrency.
- The Bitcoin community pumps the price of the coin to attract buyers where there is a market need for a safe-haven asset.
Euro Pacific Capital CEO and gold bug, Peter Schiff, have come for Bitcoin again on Twitter by calling the world’s largest cryptocurrency a risky investment. The famous Bitcoin skeptic has stated that the Bitcoin community pumps the price of the coin to attract buyers where there is a market need for a safe-haven asset, and therefore also promotes the idea that Bitcoin is a safe-haven asset.
Schiff then states that the people who manipulated into buying the cryptocurrency are then at a loss because no one else buys it as a safe-haven once the pumping is over, resulting in declining value over time. He concludes his tweet by going over his usual antics of crushing on the cryptocurrency by saying that there isn’t anything safe about Bitcoin.
Whenever there's actual safe haven demand, Bitcoin pumpers manipulate the price higher to attract buyers, driving the false narrative that #Bitcoin is a safe haven too. Buyers speculate that others will buy Bitcoin as a safe haven, but none do. There's nothing safe about Bitcoin.
— Peter Schiff (@PeterSchiff) January 29, 2020
This wouldn’t mark the first time the SchiffGold Chairman went up against Bitcoin as he has known in the past to very publicly outspoken against the cryptocurrency and extremely critical of it.
This makes more sense when considering that Schiff has stable investments in gold assets, and Bitcoin has strong potential to rival other safe-haven assets like gold while offering lots of digital benefits like global accessibility and decentralization.
Schiff’s last complaint came with his loss of an unspecified amount of Bitcoin holdings he lost in a corrupted wallet incident. Schiff claimed that the Bitcoin gifted to him, and somehow, he ended up with a corrupted wallet and had not backed up his keys nor his recovery phrase, resulting in him losing his Bitcoin.
He took it to Twitter then to complain and trash on Bitcoin, and it’s lack of security. The Twitter community was quick to respond by calling him a “boomer” for having forgotten to back up his recovery phrase or his keys correctly, which lead him to lose his holdings.
Schiff has also made false price predictions for Bitcoin in the past, making several negative comments about the cryptocurrency, which some speculate are to discourage potential investors and spread incorrect information. He has made numerous accusations of Bitcoin investors manipulating prices whenever Bitcoin has seen booming over gold in the market.
Schiff’s disapproval of Bitcoin can be seen as an excellent example of the older generation, despite their strong knowledge in finances and the market, being unable to understand the potential of cryptocurrencies and the financial benefits they bring to the table.
Bitcoin has been proven as a safe-haven asset multiple times as the overall market value of BItcoin has only increased over its lifespan in response to market disturbances compared to other assets.