• About Us
  • Privacy Policy
  • Contact Us
Coinpress
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
coinpress
No Result
View All Result
Home Bitcoin

A Christmas Gift From Peter Schiff, ‘Sell Your Bitcoin’

by Press Release
December 26, 2022
in Bitcoin
0
A Christmas Gift From Peter Schiff, ‘Sell Your Bitcoin’
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter


Economist Peter Schiff has told bitcoin investors to sell off their holdings. Schiff continues to staunchly oppose the cryptocurrency which he believes holds no intrinsic value. His most recent advice to investors comes right on Christmas Day when the festivities have pulled the market into a lull.

Time To Sell Bitcoin

Taking to Twitter, Peter Schiff posted what he called his “Christmas gift” to bitcoin investors. The post followed the usual trend of bashing BTC, with a chart that he used to support his claim. The chart which shows the trend of the digital asset over the last six months pointed out that a support level had been turned into resistance.

Schiff said the chart shows that “bitcoin is much closer to its ceiling than it is to its floor.” As such, he believes that there is little to no potential for the digital asset to make a recovery. Instead, he expects a decline and has advised investors to sell as it is the “Smart move.”

My #Christmas gift to #HODLers is this #Bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today. pic.twitter.com/lPOLABGEQQ

— Peter Schiff (@PeterSchiff) December 25, 2022

As expected, Schiff’s tweet was met with resistance from BTC investors. One of the top comments under the post was of a user who said that the economist telling people to sell was a “major buy signal from Peter Schiff.” 

Another user posted a screenshot of one of Schiff’s tweets from 2018 where he warns that buying bitcoin at $3,800 was a bad idea. Three years after that tweet, BTC would reach its all-time high of $69,000, more than 15x the price Schiff warned investors not to purchase it.

Look at Peter, giving out the Christmas presents!

The greatest gift of all has always been a @PeterSchiff fade!

Is this you👇👇👇👇👇 pic.twitter.com/LMcpKHhk6D

— Mr. Anderson (@TrueCrypto28) December 25, 2022

Schiff On Crypto Regulation

In another tweet, Schiff speaks on the current climate around crypto regulation. Since the collapse of FTX, authorities have been ramping up their efforts to regulate the crypto industry to make it safer for investors but the economist thinks that all of this is in vain. Once again, Schiff asks investors to sell their cryptocurrencies because that’s the only way to stay safe. 

BTC sitting above $16,800 | Source: BTCUSD on TradingView.com

“Many claim government needs to regulate #crypto so people can be confident that their money will be safe. There’s nothing government can do to make investing in crypto safe. The only safe thing you can do with crypto is sell it. But that just transfers your loss to someone else.”

Nevertheless, there have been calls for proper crypto regulation. The depot governor of the Bank of England (BoE) Sir Jon Cunliffe, told Sky News last week that the collapse of FTX shows that crypto is ‘too dangerous’ to remain unregulated. However, economist Stephen Cecchetti believes that legitimizing crypto with regulations would have adverse effects on the financial system.

Featured image from BeInCrypto, chart from TradingView.com





Source link

READ ALSO

US Govt Attacks Bitcoin In New Report, Promotes A CBDC

Bitcoin Price Will Hit $50,000 In Under A Year, This Economist Says

Tags: BitcoinChristmasGiftPeterSchiffSell

Related Posts

US Govt Attacks Bitcoin In New Report, Promotes A CBDC
Bitcoin

US Govt Attacks Bitcoin In New Report, Promotes A CBDC

March 22, 2023
Bitcoin Price Will Hit $50,000 In Under A Year, This Economist Says
Bitcoin

Bitcoin Price Will Hit $50,000 In Under A Year, This Economist Says

March 22, 2023
Why Bitcoin Could Be Ready For Its Most Powerful Rally In Years
Bitcoin

Why Bitcoin Could Be Ready For Its Most Powerful Rally In Years

March 21, 2023
Bitcoin Miners Find Relief As Revenues Spike To Highest Since June 2022
Bitcoin

Bitcoin Miners Find Relief As Revenues Spike To Highest Since June 2022

March 21, 2023
Matrixport Reveals The Investor Demographic That Is Driving The Bitcoin Rally
Bitcoin

Matrixport Reveals The Investor Demographic That Is Driving The Bitcoin Rally

March 21, 2023
Crypto Fear And Greed Index Surges To 16-Month High As Bitcoin Breaches $28,000
Bitcoin

Crypto Fear And Greed Index Surges To 16-Month High As Bitcoin Breaches $28,000

March 21, 2023

POPULAR NEWS

MonoDX Discloses the Future of Crypto Trading Automation

MonoDX Discloses the Future of Crypto Trading Automation

September 1, 2022
Be The First To Know About Ecoto

Be The First To Know About Ecoto

April 28, 2021
Avalon-WM Review  – Where Every Online Trader Should Trade

Avalon-WM Review – Where Every Online Trader Should Trade

February 19, 2021
AniFi World Ramps Up – Launches ANIFI Token After a Booming Presale on GemPad, Staking and More to Come

AniFi World Ramps Up – Launches ANIFI Token After a Booming Presale on GemPad, Staking and More to Come

September 2, 2022
Koinswap is launching its own layer-1 blockchain.

Koinswap is launching its own layer-1 blockchain.

September 3, 2022

EDITOR'S PICK

Bitcoin Miner Greenidge Generation Restructures Another $11M of Debt

Bitcoin Miner Greenidge Generation Restructures Another $11M of Debt

February 1, 2023
Golden Shiba launches IDO PRESALE of its meme token $GOLDSHIB.

Golden Shiba launches IDO PRESALE of its meme token $GOLDSHIB.

November 3, 2022
Vansu Net establishes a new digital platform to provide accurate horoscopes in VietNam

Vansu Net establishes a new digital platform to provide accurate horoscopes in VietNam

October 31, 2022
Decentralize And Empower Users, Says Cypto Industry

Top Crypto Predictions January 2023

December 28, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation

Recent Posts

  • US Govt Attacks Bitcoin In New Report, Promotes A CBDC
  • Bitcoin Price Will Hit $50,000 In Under A Year, This Economist Says
  • Born from the Doge, BitcoinCEO Devotes itself to Helping Stray Dogs from Around the World
  • Why Bitcoin Could Be Ready For Its Most Powerful Rally In Years
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 coinpress.media

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 coinpress.media