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.
Bitcoin’s recent sharp rally likely had nothing to do with China, or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.— Peter Schiff (@PeterSchiff) October 28, 2019
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.
Congratulations. I assume you bought in that morning just before the rise, then sold all your coins right at the peak price! If not, then you did not make 40%. In fact, you will likely make nothing at all.— Peter Schiff (@PeterSchiff) October 28, 2019
Schiff has historically been supportive of gold and precious metals while criticizing bitcoin for its lack of intrinsic value.
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