Peter Schiff, a popular gold bug well-known for being bearish on bitcoin and cryptocurrencies, recently said that bitcoin’s recent pump and dump could mean the ‘game is over’ for it.
On the microblogging platform Twitter, Schiff noted that he believes “bitcoin pump & dumpers are losing their mojo” as a failed price pump failed to maintain its momentum and ended up being met with a drop shortly after.
Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!— Peter Schiff (@PeterSchiff) December 4, 2019
Yesterday BTC seemed to finally shake off its three-day slump as it surged from around $7,230 to $7,620 in 20 minutes, but the pump didn’t last long as shortly after the flagship cryptocurrency’s price dropped to about $7,170 before starting to recover. At press time, bitcoin is trading at $7,340 after falling 1.5% in the last 24-hour period.
Lee’s tweet was met with resistance from the cryptocurrency community. Some tried to make little of Schiff’s comments but most pointed out that short-term price movements are decided by traders, while long-term price movements are related to fundamentals. Bitcoin, over the last few years, has grown exponentially, despite the 2017 and 2018 boom and bust cycle.
Stick to your gold thesis Peter. You should understand that bitcoin trades like an option on its own likelihood of widespread acceptance as a hedge vs fiat currencies.— David Weisberger (@daveweisberger) December 5, 2019
Besides, “victory laps” over short term price moves tend to be VERY humbling, when the market changes...
It’s worth pointing out Peter Schiff has last month predicted bitcoin’s price will reach $1,000 after a massive sell-off, basing his prediction on technical analysis he conducted. Per his words, BTC will fall “much lower” than $1,000 per coin, although it could see a significant bounce from said level.
Schiff has even called out Bobby Lee, who founded the BTCC exchange and crypto wallet Ballet, for prediction the flagship cryptocurrency’s price could be $1 million within the next five to 10 years. Per Schiff, it’s “nonsense like this that is actually taken seriously, that keeps the hodlers on board while the whales quietly abandon ship.”
Featured image via Pixabay.