Bitcoin Critic Highlights “Another Reason to Sell Bitcoin”

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Peter Schiff, a popular advocate for Gold, has remained constant in his mission to get investors to ditch their Bitcoin (BTC) holdings. He recently took to X to share “another reason” for these investors to take this step.

Bitcoin is Going Up Forever

Although he hardly needs a trigger to voice his anti-BTC stance, Schiff’s attention was drawn by a bullish post from a lover of the flagship cryptocurrency. The X user confidently declared that Bitcoin is going up forever alongside a hyperbolic chart hinting at the coin’s exponential growth. The post got many people talking and agreeing on the bright future of Bitcoin.

Post like this are yet another reason to sell Bitcoin.
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— Peter Schiff (@PeterSchiff) September 21, 2024

Schiff rose to the occasion, pointing out that posts like this are another reason to sell BTC. However, the earlier poster was quick to refer back to an old post from 2018 in which the anti-BTC businessman cautioned investors from purchasing the firstborn digital currency. Noteworthy, BTC was trading at around $3,800 at the time, but Schiff saw the potential of the coin to drop.

No Sound Market Research Backing Schiff’s BTC Predictions

It’s been six years since that post, and Bitcoin has grown significantly by more than a thousand percent. Precisely, at its current market value of $62,761.62 after losing 0.57%, BTC has surged by over 1650%. Considering this achievement, it was little wonder Schiff’s post did not even gain enough attention. Even the poster noted the discrepancies in Schiff’s predictions.

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He highlighted that sound market research hardly supported the persistent BTC opposition. As a result, he believes Schiff may be seeking attention or engaging in clout chasing.

Peter Schiff Thrashes Bitcoin Below Silver

Less than a week ago, the Bitcoin critic predicted that the leading cryptocurrency would dip below $58,000.

By then, Bitcoin was trading at $58,592, teetering just above the threshold Schiff had set for his prediction. He then dismissed Bitcoin’s often-cited comparison to gold. Schiff asserted that the digital asset does not match up to silver; how much more gold is more expensive?

“Not only is Bitcoin not digital gold, it’s not even digital silver,” he stated, highlighting his skepticism about the digital asset’s long-term worth.