Christmas evokes feelings of warmth, joy, and peace. Unless, of course, you’re cryptocurrency critic Peter Schiff.
On Christmas Day, the most outspoken anti-Bitcoin voice had another message for Bitcoin supporters: a price chart indicating that Bitcoin is closer to its ceiling than its floor. “This #Bitcoin chart is my #Christmas gift to #HODLers,” Schiff tweeted. He went on to say that because “the upside potential of Bitcoin is so low and the downside risk is so high, the smart move is to sell today.”
Schiff then followed up on his thoughtful gesture by advising HODLers to “sell today” due to the potential high downside risk versus low upside potential. He then concluded with a gracious closing in which he invited HODLers to thank him later for the money they would save by selling today.
In his next tweet, Schiff compared Bitcoin’s trajectory to that of gold in 1999, but predicted that it would take a drastically different path. He predicted that Bitcoin would “break down” rather than “break out,” and dubbed it “the anti-gold.”
Cryptocurrencies, according to Schiff, are merely a means of speculation, not real money. He frequently claims that Bitcoin’s value is solely determined by perception and manipulation. Gold, according to the economist, is the only true “safe-haven” asset.
According to U.Today, Schiff recently stated that he understands Bitcoin better than Bitcoiners, which is why he does not own the largest cryptocurrency.