Peter Schiff is again targeting bitcoin. His tweets are no longer based on sound logic. Some traders are using his tweets to time a rally.
Peter Schiff, the self-professed bitcoin hater, has been talking trash about the king of cryptocurrencies over the last few days. The gold bug has a long history of spewing venom on the asset dubbed as digital gold. Instead of focusing on providing helpful content on gold and other precious metals, Schiff makes it a point to criticize the cryptocurrency almost every chance he gets.
Recently, the chairman of SchiffGold once again belittled bitcoin. At this point, Schiff’s antics are becoming ridiculous. His latest tweets reveal that he’ll say anything to make bitcoin look like a villain, regardless of facts. The gold bug should quit now before he loses all credibility.
We are a week into 2020 and Schiff is already calling a bitcoin top for the year. On Monday, the staunch bitcoin critic implied that the dominant cryptocurrency’s 4% rally is the best that it can do this year.
If you read the tweet multiple times like I have, you might find yourself having a slight headache trying to make sense out of the tweet. Is there a rule in trading saying that excitement of participants indicate a market top? If there is, please enlighten us, Peter.
Schiff’s credibility would have been intact if this type of tweet was an isolated case. Unfortunately for him, it is not. On Friday, Schiff tweeted that bitcoin is the worst performing asset of this decade. He’s already claiming that the top cryptocurrency will nosedive faster than U.S. equities.
Schiff is starting to look like a fool grasping at straws. He’s asserting that bitcoin is the worst performing asset of the decade based on a few days worth of data. No trader worth his salt would find value in this logic. A few days worth of price action is simply not enough to determine a decade long trend.
Even though Schiff’s logic is absurd, his timing appears to be impeccable. It seems that when he tweets about bitcoin, the dominant cryptocurrency bites back by rallying.
For instance, when the gold bug tweeted about bitcoin on Jan. 2, the cryptocurrency traded at a low of $6,900. It then climbed as high as $8,009 for an impressive 16.1% rally in less than a week.
Similarly, bitcoin spiked over 9% after Schiff posted his tweet on Monday.
A pseudonymous account named CryptoBull compiled some of the gold enthusiast’s tweets about bitcoin. One thing is clear: bitcoin is close to the bottom whenever Schiff criticized the top cryptocurrency.
Even with his failed calls on bitcoin as well as gold, Schiff remains a popular personality on Twitter. Perhaps he should consider focusing on gold and the stock market and leave cryptocurrencies alone. There might come a time when even his most loyal followers grow tired of his shenanigans. He should quit attacking bitcoin now while he’s still ahead.
Disclaimer: The opinions in this article do not represent investment or trading advice from CCN.com.
This article was edited by Sam Bourgi.
Last modified: January 7, 2020 2:54 PM UTC