Bitcoin’s (BTC) slight rally this week is evidence that investors should sell the cryptocurrency, said Peter Schiff, CEO of Euro Pacific Capital.
He claimed that BTC should have taken advantage of fluctuations in traditional markets.
The cryptocurrency has regained $8,800 since the weekend. However, Schiff said BTC / USD “won’t go up” and the incentive to sell would therefore follow.
However, proponents who used to hold back Chef’s complaints were quick to indicate that BTC has made higher gains compared with gold since its release in 2009.
“Which one would an intelligent person hold for 8 years? Gold – Still down Bitcoin – Up 2000x,” the @Bitcoin Twitter account responded.
In addition, Commentator WhalePanda said:
“Gold is about same price now as it was in 2011. Bitcoin… went from $1 in 2011 to $8.8k now. Don’t be like Peter.”
No Fed-driven gains
It is worth mentioning that the cryptocurrency rose over 1.6 percent on Federal Reserve news. However, these gains vaporized quickly.
The US Federal Reserve has announced yesterday an emergency rate cut by 50 basis points.
Schiff said the BTC will not be able to rally in the future if it fails to respond to the Fed policies.
Schiff expected the Bitcoin to become a fad in early 2011 when it was trading at nearly $30.
However, he remained skeptical throughout all these years, even when the BTC began taking accelerated steps towards price hikes.
In October 2019, Schiff predicted that the Bitcoin price would reach the $200 levels. Crypto analysts mocked those expectations, claiming that they lack accurate and sufficient criteria.
Over the last 24 hours, the Bitcoin inched down 1.47 percent to $8,717.76.