On 12 January 2023, with $BTC trading around the $18,200 level, gold bug Peter Schiff must have thought it was pretty safe to make another bearish about Bitcoin; unfortunately for him, his thinking has turned out to be wrong based on how well Bitcoin has been performing so far in 2023.
Bitcoin perma-bear Peter Schiff, who is one of Bitcoin’s harshest critics, is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities. He is also the Founder and Chairman of SchiffGold, a full-service, discount precious metals dealer.
On 12 January 2023, Schiff told his over 910K followers on Twitter:
Interestingly, this comment came three days after former hedge fund manager Jim Cramer, who is the host of CNBC show “Mad Money w/ Jim Cramer“, told his over 1.9 million Twitter followers that this was a good chance to get out of crypto, which prompted Dan Held, Bitcoin educator and marketing advisor at Trust Machines, to say that Cramer’s comment meant that the crypto market had bottomed:
According to data by TradingView, since Schiff’s tweet on 12 January 2023, the price of Bitcoin has gone from $18,218 to $22,735, which is a gain of around 25% vs USD:
In fact, as of the time of writing (9:23 a.m. UTC on 23 January 2023), the Bitcoin price is up 36.88% vs USD in the year-to-date period: