Anti-Bitcoin Peter Schiff has a ‘Christmas Gift’ for BTC Investors

Christmas is a festival in which people tend to invoke warmth, joy, and tranquility except in the case of Bitcoin critic Peter Schiff.  

On Christmas Day, the strongest anti-Bitcoin voice had another message for Bitcoin supporters and that would be a price chart indicating that Bitcoin is more towards its floor than its top.  Schiff tweeted: “My #Christmas gift to #HODLers is this #Bitcoin chart.”  He went on to say that the “upside potential of Bitcoin is so low and downside risk so high.”

Schiff advised HODLers to “sell them today” due to the probable high downside danger relative to little upward capabilities.

He added that “since the upside potential is so low and downside risk so high, the smart move is to sell today. He then continued with a kind closure, inviting HODLers to appreciate him afterwards the cash they will save by selling them today.”

In his subsequent tweet, Schiff compared Bitcoin’s trajectory to that of gold in 1999 but noted that it will probably follow a route that was drastically different. He predicted that BTC will “break down” rather than “break out,” and called it “the anti-gold.”

Peter Schiff Unwavering on his Bearish Bitcoin Stance

Cryptocurrencies are only a form of speculation, not genuine money, according to Schiff. He frequently claims that Bitcoin’s value is solely determined by perception and manipulation. The economist believes that gold is the only true “safe-haven” asset.

Schiff recently stated that he understands BTC better than Bitcoiners, which is why he does not own the most valuable cryptocurrency. 

Because of the ongoing crypto market, not only BTC but also Bitcoin mining companies have come under pressure. 

Especially Public Bitcoin (BTC) mining companies, which have experienced a difficult year. The sector is already burdened with a $4 billion debt after taking out enormous loans in the bullish year of 2021 vs a winter market in 2022.