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Peter Schiff Pounces, Chalks Up Bitcoin to Marketing Success for Early Whales

Gerelyn Terzo
Peter Schiff points out that bitcoin whales hold all the cards in crypto, but Chainalysis research suggests early BTC investors buy the dips. | Source: Shutterstock

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.

Crypto Twitter was quick to let him have it.

gold stocks

Another follower added –

Read the full story on CCN.com.