Bitcoin (BTC) is only up 3% this week as evidence that investors should sell it, according to the notorious gold supporter Peter Schiff.
In one tweet On March 4, the famous cryptocurrency critic frankly stated that Bitcoin did not take advantage of the volatility of the traditional market.
Schiff: “Watch out for discounts!”
Despite the fact that Bitcoin has reclaimed $ 8,800 since the end of the week, Schiff said that the BTC / USD pair “will not increase” and therefore pressure will occur.
"If @Bitcoin cannot rise ahead of the urgent interest rate cut of 0.5 percentage points, plus all the recent volatility from stocks, bonds, currencies and the gold market, it will increase. in which case? " he deduced.
"If Bitcoin doesn't rise in price, why do you own it? The answer to that question is 'sell'. Watch out for discounts! "
Bitcoin supporters quickly countered Schiff's criticism, pointing out that Bitcoin, overall, has brought a much higher return than gold since its launch in 2009.
"As a smart person, which one will you hold for 8 years? Gold – still falling, Bitcoin – up 2000 times, "said his Twitter account @Bitcoin reply.
“Don't be like Peter.”
Critic WhalePanda There has been a similar approach.
"Imagine being Peter. Knowing Bitcoin since 2011. Still trying to say it will collapse one day, "he tweeted.
"Gold now has the same price as 2011. Bitcoin… has increased from $ 1 in 2011 to $ 8,800 right now. Don't be like Peter. "
Although at current prices, Bitcoin's annual profit is only about 20%, Schiff is gradually increasing the frequency of declaring that its future will be destroyed. Last week, he described Bitcoin investors as “dreamers” and did not believe the king's growing popularity as a safe-haven investment.
At the same time, gold suffered the biggest loss in a day since 2013 due to the negative impact of the corona virus. After the US Federal Reserve issued an emergency rate cut of 0.5% urgently on Tuesday – a surprise move that occurred for the first time since the 2008 financial crisis, the precious metal followed. That has increased by 2.5%.
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According to CoinTelegraph
Translated by ToiYeuBitcoin