The bitcoin price is once again hovering below the $10,000 level, which the bulls see as a buying opportunity and the skeptics take as a chance to make digs. Gold bug Peter Schiff is among the first to pounce and rather than buying is doubling down on his bearish sentiment.
The funny thing is there are similarities between the nascent crypto market and the early days of the gold rush. Schiff is pointing to the market dynamics as a weakness while crypto market leaders are reminding him that gold – a competing store of value that can’t double quite as well as a payment method – isn’t very different after all.
Schiff recently showed signs of thawing to bitcoin after the crypto community gifted him thousands of dollars worth of BTC. But his open-mind was short-lived, and now he’s back to his antics, as seen below.
Bitcoin was a major marketing success for big buyers who got in early. But to really succeed they must dump what they pumped without crashing the price. Doing so requires creating enough FOMO to sucker institutional investors into coming aboard without HODLers jumping ship!
— Peter Schiff (@PeterSchiff) July 27, 2019
Crypto Twitter was quick to let him have it.
Another follower added –