Known Bitcoin critic and gold bug Peter Schiff took to Twitter recently to criticize the leading cryptocurrency for its recent price movements. He claims that the cryptocurrency’s ‘pump and dumpers’ have lost their edge.
Yesterday, Bitcoin suddenly rose 7.5 percent, only to fall back down by eight percent later in the day.
Schiff took this as an opportunity to voice his criticisms of the leading cryptocurrency. He claims it is indicative of Bitcoin’s fading relevance, writing that it can “no longer sucker in new buyers” and that the “game is over.” He also claimed that traders should look out for further losses.
Bitcoin pump & dumpers are losing their mojo. They managed to pump the price by $550 in one minute, a 7.5% spike. Yet the dump reversed the entire pump with an 8% drop in just 7.5 hours. If #Bitcoin pumpers can no longer sucker in new buyers the game is over. Look out below!
— Peter Schiff (@PeterSchiff) December 4, 2019
Peter Schiff is a known Bitcoin critic and has often taken to Twitter to voice his problems with the world’s leading cryptocurrency. A known fan of gold, he has consistently made bearish calls and tells his followers to invest in gold instead. As BeInCrypto reported previously, Schiff made a call in November that the leading cryptocurrency would eventually drop to $1,000.
Despite Schiff’s persistent criticisms, however, he has admitted that he has a Bitcoin wallet. After uncovering his addresses, some cryptocurrency users decided to donate some BTC to him so that he has a stake in the game — with the expectation that it would deter his criticisms. As of now, the address holds 0.21 BTC, which is around $1,550 at the time of writing.
Schiff has been unequivocally wrong on Bitcoin multiple times, yet continues attacking it incessantly on Twitter. Lest not forget that in May of this year, he claimed that “no one would work for Bitcoin,” which merited many replies from people who do, in fact, get paid in Bitcoin.
Despite Schiff’s warnings, Bitcoin continues to outperform gold for the year with the precious metal being up only 17 percent for the year. Bitcoin, on the other hand, is currently trading at $7,400 — up from $3,700 at the start of this year.
Images courtesy of Shutterstock, Trading View and Twitter.