Bitcoin Droped by 5% and Peter Schiff Began to Rant About It
A 5% drop was enough for Peter Schiff to rant about the Bitcoin bubble. Also, he criticized MicroStrategy for their decisions.
During these days, Bitcoin has been experiencing a bull run towards its ATH. Bitcoin even hit $19300 with just a little difference of $500 to break the records. However, Bitcoin dumped its price by 7% after this run. This price decrease encouraged some experts to talk mouthful about Bitcoin.
Peter Schiff, stockbroker, financial commentator, and radio personality, began to tweet about Bitcoin after experiencing a 5% price decrease. He called Bitcoin a bubble that will explode soon.
Why do so many Bitcoin HODLers think I don’t get #Bitcoin because I’m too dumb to understand it? Remember in every bubble those who don’t participate always look like fools for missing out. It’s only after the bubbles pop and the air comes out that the real fools are exposed.
— Peter Schiff (@PeterSchiff) November 26, 2020
As he judges the Bitcoin and its community, they judge him too. They think that he does not appreciate Bitcoin as a medium of exchange, and everything he does not invest in is not profitable. Also, he is the chairman of Schiff Gold, and he might have thought that bitcoin will steal the position of gold in society. These reasons make people expect that he has a bias about Bitcoin. Regardless of his opinions, bitcoin optimists believe that Bitcoin will carry on its price increase.
Comments of Peter Schiff about MicroStrategy
MicroStrategy bought $425 million worth of bitcoin when Bitcoin was around $11000. During the interview in CNBC’s Fast Money, the founder of MicroStrategy, Michael Saylor, talked about bitcoin as the best safe-haven asset in the world right now, and he thinks that Bitcoin is superior to gold in all aspects. He comments that Bitcoin is one of the safety tools to hedge inflation and other risks. Although people thought that Bitcoin is vulnerable to jeopardy such as banning, copying the currency in the early stages, it did not happen. He mentioned that it was volatile in the first decade, but it is not volatile now.
Peter Schiff is also concerned about the actions of MicroStrategy. He commented on this too:
“I think it’s improper for Michael Saylor to gamble shareholder funds on Bitcoin. If MicroStrategy does not have a productive use for its excess cash, it should start paying dividends. Then shareholders who want to roll the dice on Bitcoin can do so with their own money.”
At the time of writing, Bitcoin is traded for $17000. The volatility of bitcoin is correlated with the sentiment of investors. If they believe that Bitcoin can hold the value of $18000 or $19000, then the price will be stable at those points.
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