{"id":8639,"date":"2021-06-23T10:54:11","date_gmt":"2021-06-23T10:54:11","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/while-bitcoin-hits-new-lows-gold-bug-peter-schiff-blasts-the-top-crypto-and-supporters\/"},"modified":"2021-06-23T10:54:11","modified_gmt":"2021-06-23T10:54:11","slug":"while-bitcoin-hits-new-lows-gold-bug-peter-schiff-blasts-the-top-crypto-and-supporters","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/while-bitcoin-hits-new-lows-gold-bug-peter-schiff-blasts-the-top-crypto-and-supporters\/","title":{"rendered":"While Bitcoin Hits New Lows Gold Bug Peter Schiff Blasts the Top Crypto and Supporters"},"content":{"rendered":"

The American economist, financial commentator, and gold bug Peter Schiff had a lot to say about bitcoin\u2019s price sliding on Tuesday. Schiff has always claimed bitcoin\u2019s value will one day drop to nothing. This week he insists bitcoin\u2019s chart shows a head and shoulders top pattern with a \u201cneckline around $30K the pattern measures a move to zero.\u201d<\/strong><\/p>\n

Schiff Believes Microstrategy Will Sell Every Last Satoshi<\/h2>\n

After bitcoin (BTC<\/a>) dropped 10% Monday during the overnight and into the morning sessions on Tuesday, Peter Schiff took to his soapbox on Twitter and hammered the leading crypto asset. Schiff often has nothing good to say about bitcoin but on Tuesday, a great majority of his tweets (close to ten in total) were dedicated to bitcoin. The financial commentator talked about his favorite investment, gold, as well, and discussed how the precious metal dipped 6% last week.<\/p>\n

\u201cOver the weekend bitcoin bugs made fun of gold\u2019s 6% drop last week, which was about twice bitcoin\u2019s 3% decline,\u201d Schiff said<\/a>. \u201cBut while gold recovered some of those losses today, bitcoin crashed by another 9%. Also, while gold is down 9% from its 2021 high, bitcoin is down a whopping 50%,\u201d he added.<\/p>\n

Schiff\u2019s tweets even targeted bitcoin bulls like Microstrategy\u2019s Michael Saylor and Digital Currency Group\u2019s Barry Silbert. Schiff tweeted<\/a>:<\/p>\n

If you really want to buy bitcoin, wait until Microstrategy sells its last satoshi. If MSTR keeps selling stock and borrowing money to buy into a falling market, existing or new shareholders will be forced to liquidate. [Michael Saylor\u2019s] diamond hands are really made of glass.<\/p>\n

One individual defended<\/a> Microstrategy\u2019s CEO and told Schiff to debate Saylor or stop criticizing a \u201ctechnology that you don\u2019t understand.\u201d Others stated<\/a> in the Twitter thread that Schiff has already offered to debate Saylor, but the Microstrategy executive allegedly \u201chas not taken him up on it.\u201d<\/p>\n

BTC<\/a>\/USD three-day chart on Tuesday, June 22, 2021.<\/p>\n

Schiff Slams Silbert and Novogratz, Spencer Schiff Defends Bitcoin<\/h2>\n

In another tweet on Tuesday, Schiff went after Digital Currency Group\u2019s CEO Barry Silbert. \u201cIn Mar. [Barry Silbert] promised GBTC investors he\u2019d close the 10% discount to NAV by buying back $250 million of shares,\u201d Schiff wrote<\/a>. \u201cAnd then in early May he promised to increase the buy to $750 million. So far he\u2019s purchased less than a third of that amount. What are you waiting for Barry?\u201d Schiff asked the Digital Currency Group executive.<\/p>\n

Then the gold bug went after billionaire investor and Galaxy Digital CEO Mike Novogratz<\/a>.<\/p>\n

\u201cAs bitcoin crashed below $30K, CNBC invited [Mike Novogratz] to try to pump it back up,\u201d Schiff remarked after his many anti-bitcoin tweet bombs on Tuesday. \u201cNovogratz claims Bitcoin can\u2019t keep falling as there is all this new institutional demand. Assuming some institutions were getting interested above $60K, I\u2019m sure they\u2019ve lost interest below $30K.\u201d<\/p>\n

Of course, Schiff\u2019s son Spencer Schiff<\/a> got in on the action after his father tweeted about bitcoin doing a dead cat bounce.<\/p>\n

\u201cDon\u2019t get excited about bitcoin\u2019s dead cat bounce from an intra-day low of around $28.6K to near $32K,\u201d Schiff\u2019s tweet scathed<\/a> on Tuesday. \u201cNothing drops in a straight line, [especially] a token as highly manipulated as bitcoin. As this bear market grinds on, about 55% so far, better to sell the rips than buy the dips,\u201d the economist added. Spencer, however, snarkily snapped back at his father and said<\/a>:<\/p>\n

The Bitcoin forecasting wizard has spoken.<\/p>\n

However, in terms of likes and retweet ratio, Spencer\u2019s father had more likes and retweets. Others defended Spencer Schiff\u2019s statement and said<\/a> that Peter has been \u201cspectacularly wrong about Bitcoin multiple times over a decade. If he\u2019s right this time it will be purely a broken clock situation.\u201d<\/p>\n

<\/p>\n

Schiff\u2019s Bitcoin TA and the Head and Shoulders Patterns That Lead to Zero<\/h2>\n

Besides the dead cat bounce<\/a> commentary, Schiff also described an alleged head and shoulders pattern in the BTC<\/a>\/USD chart. As usual, Schiff declared that the leading crypto asset\u2019s fiat value was on its way to zero.<\/p>\n

\u201cThe most ominous thing about bitcoin\u2019s head and shoulders top pattern is that with a head near $65K and a neckline around $30K the pattern measures a move to zero,\u201d Schiff wrote<\/a>. \u201cThat\u2019s because the pattern projects a move below the next line that equals the move from the neckline to the head.\u201d<\/p>\n

\u201cFunny how you\u2019ll apply low probability TA (technical analysis) to BTC<\/a>, but you won\u2019t even consider the annualized returns of bitcoin over the last 10 years,\u201d an individual responded<\/a> to Schiff\u2019s head and shoulders tweet. <\/span><\/p>\n

What do you think about Peter Schiff\u2019s bitcoin commentary on Tuesday? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, News, Barry Silbert, Bitcoin, Bitcoin (BTC), Bitcoin Debate, Bitcoin Microstrategy, Cryptocurrency, Dead Cat Bounce, Finance, free markets, gold, head and shoulders, Irwin Schiff, Libertarianism, michael saylor, microstrategy, Mike Novogratz, Peter Schiff, Schiff, Schiff family, silver, Spencer Schiff, tweets, Twitter<\/p>\n","protected":false},"excerpt":{"rendered":"

The American economist, financial commentator, and gold bug Peter Schiff had a lot to say about bitcoin\u2019s price sliding on Tuesday. Schiff has always claimed bitcoin\u2019s value will one day drop to nothing. This week he insists bitcoin\u2019s chart shows a head and shoulders top pattern with a \u201cneckline around $30K the pattern measures a…<\/p>\n","protected":false},"author":0,"featured_media":8640,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8639"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8639"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8640"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}