Gold bug and perpetual crypto critic Peter Schiff says that bitcoin’s rally was due to the action of whale investors rather than the market responding to China’s endorsement of blockchain. 

In a series of tweets published Oct. 28, Schiff disputed the idea that the crypto markets were leveraging positive news out of China.

Schiff claimed that bitcoin’s sudden price jump last week had “nothing” to do with China, and was instead the result of market manipulation by whale investors. He went on to attribute the price movement as the result of pumping a “technically weak market,” which he predicts will be dumped on at higher prices for BTC. 

When trolled by a Twitter user over the fast ROI afforded through crypto compared to the gold markets, Schiff fired back that most investors are likely to make “nothing at all” from the recent bullish rally.

Schiff has historically been supportive of gold and precious metals while criticizing bitcoin for its lack of intrinsic value. 

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