Yugocean
Valued Contributor
With his harsh criticism of bitcoin, billionaire gold trader Peter Schiff sparks a battle every day on Twitter between proponents and detractors of cryptocurrency.
This time Schiff claims that bitcoin whales are to blame for the price volatility of bitcoin since they were successful in inflating the currency up to close to $70K, making it very simple for them to dump it at $20K. In his statement, Schiff referred to bitcoin as being "more worthless."
Without specifically mentioning the "Buy the Dip" technique, Schiff alluded it while pointing out that individuals are purchasing bitcoin as a "bargain".
While crypto opponents blogged against bitcoin in anticipation of Schiff's responses, crypto supporters instead chose to criticise and make fun of Schiff.
Dan Held, a well-known cryptocurrency web blogger, posted a picture of a Simpsons cartoon with the caption "Old Man Yells At Bitcoin."
Some people choose the middle ground, describing bitcoin as a money-making technology and gold as a valuable metal but objecting to the connection between the two.
This time Schiff claims that bitcoin whales are to blame for the price volatility of bitcoin since they were successful in inflating the currency up to close to $70K, making it very simple for them to dump it at $20K. In his statement, Schiff referred to bitcoin as being "more worthless."
Without specifically mentioning the "Buy the Dip" technique, Schiff alluded it while pointing out that individuals are purchasing bitcoin as a "bargain".
While crypto opponents blogged against bitcoin in anticipation of Schiff's responses, crypto supporters instead chose to criticise and make fun of Schiff.
Dan Held, a well-known cryptocurrency web blogger, posted a picture of a Simpsons cartoon with the caption "Old Man Yells At Bitcoin."
Some people choose the middle ground, describing bitcoin as a money-making technology and gold as a valuable metal but objecting to the connection between the two.
