Cryptocurrency
Peter Schiff Blames ‘Whales’ After Bitcoin Gains 30% Against Gold
As reported by Cointelegraph, “HODLer of a bygone era, Peter Schiff has argued that retail investors are getting squeezed by whales’ tactics on the cryptocurrency markets. “In a tweet posted on Oct. 29, Schiff — a diehard gold proponent — said: “’Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get […]
As reported by Cointelegraph, “HODLer of a bygone era, Peter Schiff has argued that retail investors are getting squeezed by whales’ tactics on the cryptocurrency markets.
“In a tweet posted on Oct. 29, Schiff — a diehard gold proponent — said:
“’Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!’
“Schiff’s comments come after a week of dazzling market gains for the top cryptocurrency, with Bitcoin (BTC) posting its highest intraday gain — at 42% — since 2011.
“Against gold, Bitcoin was up by over 30% on Oct. 26, prior to Schiff’s remarks.
“Twitter respondents retorted that the pattern was hardly unique to digital asset classes; those less generous sarcastically quipped that for Schiff, only gold is immune to such trading gambits.
“On Oct. 29, gold notably fell to a one-week low amid buoyant investor sentiment in the wider markets, with many hopeful of a United States-China trade deal.
“A hawkish interest rate cut from the Federal Reserve could, however, be bullish for the precious metal, with lower rates reducing opportunity costs for holders. “