Bitcoin: Economist Peter Schiff Urges Holders to Sell
The recent market price drop took the crypto community almost by surprise and the renowned gold bug Peter Schiff didn't pass on the chance to share his views.
Peter Schiff, an economist and vocal critic of cryptocurrencies, including Bitcoin, advises BTC holders to sell their holdings as he predicts a wave of blockchain-related bankruptcies that could turn the current crypto winter into a deep freeze.
If #crypto really is the future, why is #Silvergate, the premier crypto bank already a thing of the past? A wave of #blockchain related bankruptcies will soon crash down on #CryptoCurrencies, turning the crypto winter into a deep freeze. Hurry, sell your #Bitcoin and buy #gold.
— Peter Schiff (@PeterSchiff) March 10, 2023
In response, Spencer Schiff, his son and a Bitcoin supporter, argues that Bitcoin is a lifeboat and will not be sunk by a few bad occurrences.
San Francisco-based Silvergate, which provides banking services to crypto firms, has announced it is winding down operations due to recent industry and regulatory developments.
This news has contributed to the decline in Bitcoin’s value over the past two weeks, with the cryptocurrency falling below $20,000 for the first time since January.
Schiff had previously recommended selling Bitcoin at $18,000 in January, but this recommendation proved incorrect as the cryptocurrency increased in value by 37.2% following his advice. Before a mid-February rally slowed, Bitcoin bulls had driven prices up to a high of $25,270.
At the time of writting the flagship cryptocurrency is trading at $19,800 after a 5.4% decline in the past 24 hours and almost 11% in the past week.