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- Peter Schiff said that considering the market volatility of stocks, currency, gold, and bonds, the price of Bitcoin should have rallied, but it hasn’t.
- The Twitter community has a mixed opinion on it, and the official Bitcoin handle with over 1 million followers did not shy away from opposing Schiff.
- The price expectation after the halving, for one Bitcoin, is anywhere between $100,000 to $1 million.
Is it even worth owning bitcoin then?
Peter Schiff, the CEO of Euro Pacific Capital, in his very recent tweet, said that considering the market volatility of stocks, currency, gold, and bonds, the price of Bitcoin should have rallied, but it hasn’t.
So if it won’t rally now, then when will it? He also says that Bitcoin might no longer be even worth owning as it’s the price is not rising any higher. The answer to this question is simple, and that is ‘sell,’ Peter Schiff adds.
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!
— Peter Schiff (@PeterSchiff) March 3, 2020
The Twitter community has a mixed opinion on it, and the official Bitcoin handle with over 1 million followers did not shy away from opposing Schiff. Bitcoin’s tweet said that gold’s price had been down for the past eight years, and at the same time, the price of Bitcoin has gone up by around 2000x.
“So what would a smart person like to own?” said the tweet by Bitcoin and made it looks really clear why Bitcoin saw so many investors who made a fortune by investing early in Bitcoin.
This tweet by Peter Schiff, who is himself heavily invested in Bitcoin, comes with a very clever hidden meaning behind it. Peter asks people to sell their Bitcoin and instead invest in gold, but his vision is easy to decode here.
If people sell their Bitcoin, they will become a bit cheaper, and Peter and other clever investors can hoard as many as they can before the halving that is going to happen soon in May. The price expectation after the halving, for one Bitcoin, is anywhere between $100,000 to $1 million.
So, if you plan on buying Bitcoin, then you should do it now and before the halving. Also, you should not sell your coins just cause you did not see a price change in the short term.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
