Is Peter Schiff Saying Bitcoin Halving Is a Case of Buy on Rumor and Sell on News?

Siamak Masnavi

On Wednesday (February 19), famous gold bug and Bitcoin skeptic Peter Schiff talked about Bitcoin's next block mining reward halving.

Schiff is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold, a full-service, discount precious metals dealer. He is also a man who is extremely bullish on gold, bearish on the U.S. dollar, and highly skeptical about Bitcoin.

This is what Schiff said about the next Bitcoin halving (expected to take a place around 12 May 2020):

On Monday (February 17), Schiff said that he was misunderstood on his outlook on Bitcoin. First, he wanted everyone to know that he does realize that Bitcoin could go up further in value and that those who bought Bitcoin early and selling today could make huge profits.

Second, he said that Bitcoin has only had one main use case until now -- i.e. speculation -- and that it has never really been used a medium of exchange and that this would be unlikely to ever happen in the future.

Then, the next day, Schiff complained that Bitcoin shills were incorrectly saying that he had become bullish on Bitcoin because he had said in one tweet that those who had bought BTC 10 years ago would make "a lot of money" if they sold today, and that he was still bearish on Bitcoin: