Sell Your Bitcoin While You Still Can — Your Optimism for This Market Is Unfounded (Peter Schiff)
It would help if you had the complete picture before taking his advice.
Source — Peter Schiff (YouTube)
Peter Schiff is a financial expert who talks about money and the economy.
You may have heard of him as the guy who despises Bitcoin.
I like him because he’s not afraid to speak his mind, often expressing divisive views even if it triggers his followers.
He’s well-known as a financial commentator and economic analyst who has made a name for himself with his vocal criticism of government economic policies.
Now digital currencies are in the limelight — Schiff has been a vocal critic of Bitcoin, saying it’s nothing more than a speculative bubble that’ll eventually burst.
He’s criticised Bitcoin’s volatility, claiming it’s too risky to be an actual currency and not backed by anything of value.
Despite criticising Bitcoin, Schiff has also acknowledged it has the potential to be a disruptive technology.
The blockchain technology that underpins Bitcoin has the potential to revolutionise the way we conduct financial transactions.
He says all this as a financial expert but doesn’t know how to store and purchase Bitcoin safely.
Sometime in January 2020, Peter Schiff said that his Bitcoin wallet got corrupted, and he lost all the Bitcoin he owned and claimed it wasn’t his fault.
Peter Schiff — Source
“I just lost all the #Bitcoin I have ever owned,”
“My wallet got corrupted somehow, and my password is no longer valid.
So now, not only is my Bitcoin intrinsically worthless, it has no market value either.
I knew owning Bitcoin was a bad idea. I just never realised it was this bad.”
Schiff insists that the loss was not any fault of his own, but it was due to a problem with the wallet’s software and came out on Twitter and said, “So much fake news about how I forgot my wallet password.”
He followed up with this tweet.
Peter Schiff — Source
“Can’t #Bitcoin pumpers be honest about anything? I was very clear that I didn’t forget my password.
My wallet no longer recognises my correct password.
Plus, what’s up with over 3K people liking that I lost my Bitcoin?”
Most of the Bitcoiners, on Twitter at least, seemed sceptical that the wallet was corrupted and thought that the loss resulted from Schiff’s human errors.
Schiff continued to dig himself a hole on Twitter, saying that Erik Voorhees, chief executive officer and founder of cryptocurrency exchange ShapeShift, “set up the wallet for me, and even he thinks there is nothing I can do.”
Erik Voorhees replied to the Tweet and explained that he helped Schiff set up his Bitcoin wallet at dinner after a debate in 2018, and Schiff needed to remember his password and record his recovery phrase.
This whole fiasco is so fascinating because Peter Schiff started talking about Bitcoin on his radio show and on social media platforms like Twitter as early as 2011.
So here he is, giving his 2 cents on the digital asset space, but he needs help to set up his wallet.
And two, he forgot to back up or store his seed phrase correctly.
Voorhees responded with his version of events saying Schiff forgot his password and never recorded his Seed phrase.
Voorhees also said that if he gave Schiff an ounce of Gold and Schiff dropped it on the sidewalk, would Schiff also say that Gold is a foolish monetary system?
This exchange was summed up perfectly between Voorhees and another Twitter user.
Sell Your Bitcoin While You Still Can — Peter Schiff
Schiff first rose to fame when he said that the United States is like the Titanic, and he is trying to help people leave the ship before a financial crisis happens.
That was in 2007, before the 2008 housing crisis and global credit crunch.
The cryptocurrency market has shown some relief after the FTX bankruptcy recovered $5 billion of the $9 billion of customer funds.
Peter Schiff is now saying this is your opportunity to sell your Bitcoin because things will worsen.
Here’s his outlook for 2023.
Peter Schiff — Source
“I think the optimism is unfounded.
I don’t think it’s going to be a good year for the stock market.
I think there are going to be some stocks that do well, unfortunately most Americans don’t own those stocks. The ones that they do own are going to go down.
The very popular stocks that a lot of people have crowded into during the bubble, even though they’ve come down a lot in 2022, they still have a long way to fall and I think there’s a lot of risk in 2023, not just in the market, but in the economy.”
Peter Schiff recently came out on Twitter and gave a similar assessment of Bitcoin, saying that it’s closer to the ceiling than the floor and that you should sell today.
Peter Schiff — Twitter: Source
“My gift to HODLers is this Bitcoin chart.
As you can see, Bitcoin is much closer to its ceiling than its floor.
The yellow line that was once support is now resistance.
Since the upside potential is so low and downside risk so high, the smart move is to sell today.”
Final Thoughts.
Bitcoin investors have accused Peter Schiff of not understanding the cryptocurrency.
I’m still working out if he’s coming across as edgy or someone who wants an alternative view of the digital asset space so his voice stands out.
It would sit better with me if he had some skin in the game before opening his mouth.
Or he understood how to self custody his Bitcoin without someone helping him at the dinner table.
Schiff has come out and defended himself against these claims on Twitter.
Peter Schiff — Source
“The Bitcoin HODL gang accuses me of not understanding Bitcoin.
They think that if I just took the time to learn about the underlying technology, I would embrace it.”
“The truth is that I understand Bitcoin much better than the people who own it.
That’s the reason I don’t.”