Crypto critic Peter Schiff said that gold rose only $10 and was trading at an 8-month high. Schiff said that Bitcoin holders should sell Bitcoin even if it is trading above $18,000. The gold beetle also pointed to gold for investment.
Peter Schiff: It’s time to quit Bitcoin!
cryptocoin.comAs you follow, the crypto money market has been on such a strong rise for the first time in a long time. Leading crypto Bitcoin has reached the $21,000 mark, up over 23% on a weekly basis. However, crypto critic Peter Schiff says this rise is an opportunity to sell. Schiff states that gold rose only $10 and traded at an 8-month high. Also, Schiff thinks that Bitcoin holders should sell Bitcoin even if it is trading above $18,000. Known as the ‘gold bug’, Schiff shared on Thursday, January 12, in this context:
Bitcoin is trading above its 3-week high of $18,000. This is the perfect opportunity for HOLDers to sell ahead of the December CPI release. Gold rose just $10 and is trading at an 8-month high. While Bitcoin had already crashed, gold broke out. It’s time to quit Bitcoin.
Meanwhile, Peter Schiff’s worried tweet received condescending reactions from several crypto enthusiasts. One of them gave a suggestive answer, citing a 2018 estimate by Schiff, “475% higher than when the same person made this estimate.”
“Gold will win, Bitcoin will lose!”
Meanwhile, gold also made a good attack last week. In this move, the shiny metal managed to close the week above the $1,900 level. Peter Schiff recently claimed that gold will perform well in 2023. He also claimed that those who invest in Bitcoin instead of gold at inflationary peaks will suffer huge losses in 2023. The famous Bitcoin critic argues that Bitcoin has a price but no value. Therefore, he says, people will soon wake up to this truth.
As for the leading crypto Bitcoin, it gained more than 23% in the last week. In the same period, the price of the leading altcoin Ethereum rose by about 21%. However, both cryptocurrencies have dropped more than 60% in the last year. At press time, Bitcoin was trading at around $20,746, up 7.51% on a daily basis. Meanwhile, Bitcoin’s daily trading volume reached $43.461 billion. Spot gold, on the other hand, closed the week at around $1,920, up 1.20% daily.
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