United States economist and Bitcoin (BTC) critic Peter Schiff is out again with another one of his unsolicited advice.
Schiff released a Twitter post urging BTC investors to sell off their holdings now that the coin is almost at $19,000. The “BTC atheist” believes that this jump in the price of the largest digital currency by market cap is an opportunity for investors to empty their portfolios of the “speculative asset.”
“#Bitcoin is trading above $18K, its highest level in 3 weeks, an excellent opportunity for #HOLDers to sell ahead of the release of the Dec. #CPI. #Gold is only up $10, trading at an 8-month high. While Bitcoin has already broken down, gold has broken out. Time to drop Bitcoin,” Schiff tweeted “Bitcoin is now pushing $19k. It’s an even better opportunity to sell.”
Noteworthy is the fact that Bitcoin’s current price is the highest that it has reached in over one month. Precisely, BTC has been on the rise for nine uninterrupted weeks so far, an event that has never occurred since the global COVID-19 pandemic in 2020. No one is certain of how long the rise would last but for now, many are optimistic especially with the release of the U.S. Consumer Price Index (CPI) which pegs inflation at 6.5%.
Ongoing Bullish Run for Bitcoin
The December CPI showed a lowering inflation rate of 6.5% from 7.1% in November. With this decrease in inflation, investors are positive that a level of bullishness is returning to the digital asset industry this year.
Venture capitalist Tim Draper was one of the few who believed that the BTC price would rise before the end of 2022. In his case, he predicted that the coin will experience a ‘parabolic climb’ reaching $250,000.
However, all of the troubles that 2022 brought with itself can not be denied by crypto investors, with several bankruptcy filings and retrenchments including the resignation of core C-suite executives like Michael Saylor of MicroStrategy, Phillip Gillespie of B2C2, Jesse Powell of Kraken, and Sam Bankman-Fried of FTX.
In response to Schiff, some BTC enthusiasts have decided to keep hodling their assets as they would not want to be a victim of a failed prediction like in 2019.