Like others, globally famed economist and philanthropist, Peter Schiff, is also celebrating Christmas and holidays. However, even on holidays, he seems to be keeping an eye on the crypto industry and has the advice to share.
Since he openly opposes the digital asset industry, hence, his advice would of course be discouraging for the industry and crypto community. He has always supported those who find no value in digital assets.
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So what he suggested was that every Bitcoin holder should immediately wash out all Bitcoins without any further delay.
According to him, it would be the right time to make a decision and proceed with selling Bitcoin. His advice was very clear that the investors must not wait even for a second and start selling the crypto.
Why It Is The Right Time For Bitcoin Disposal?
Schiff was active on Twitter on Christmas when he shared his advice and labeled it as his “Christmas Present” to Bitcoiners.
As usual, his staunching Twitter post was supported by a chart that reflected the past six-month performance of Bitcoin. The purpose behind linking the chart was obviously to demoralize Bitcoin investors.
He just wanted to make sure that the Bitcoin investors were demoralized. He showed them a chart making sure that the investors lose their confidence and start selling the asset on a large scale.
Through the chart, Schiff lambasted Bitcoin in its failed attempt of surpassing the support level for more than six months. He suggested that ‘instead of taking down ‘support level’, Bitcoin somehow turned it into resistance.’
He referred to the chart again and argued that Bitcoin is nearing its ceiling instead of getting closer to the floor. This suggested that after hitting the ceiling, the token’s value would start moving in the lower direction.
Schiff then mischievously criticized Bitcoin by rejecting it to be an asset and said it does not have any value. Furthermore, he stated that there is no potential either in Bitcoin or any cryptocurrency per se.
He also disregarded that the digital asset industry would ever come out of the ongoing crisis and said that rebounding is impossible.
On the contrary, he believes that the crypto market decline is inevitable and circumstances warrant its destined end. He then offered his advice again to Bitcoiners and urged them to sell their Bitcoins while they can.
He also encouraged them by saying that if they decide to sell then it would be wise thinking and a well-considered move.
Schiff’s Advice Works finely but in the Opposite Direction
However, resistance was shown mainly by Bitcoin supporters who came in aid of the industry as well as Bitcoin.
One of the responders suggested that if Schiff is advising selling of Bitcoins then that means ‘get a few more Bitcoins’.
There was another Twitter user who responded to Schiff’s tweet. This particular user also shared a picture of one of Schiff’s tweets which he had posted four years ago.
The picture reflected Schiff’s warning that he had advised investors not to acquire Bitcoins at the exorbitant price of $3,800.
The user reminded Schiff of Bitcoin’s value of $3,800 in 2018 to say that ‘after three years BItcoin was being sold at $69,000”.
Hence, both the users, along with several thousand, were arguing that Schiff’s advice works perfectly if it is applied the opposite way.
Schiff’s Take on Industry Regulation
There were several tweets posted by Schiff on Christmas and yet there was one more which was also related to crypto.
In the second tweet post, he was seen discussing crypto regulation. He said that LUNA and FTX examples are enough for people in the regulatory departments to come hard at the industry.
Schiff insisted that regulators must play their due roles now or never and save the investors from this façade industry. He then requested investors to use their money elsewhere or in something better than crypto.