Peter Schiff: Whales earn on Bitcoin holders

Posted 30 October, 2019

The head of Euro Pacific Capital and gold supporter Peter Schiff is confident that the entire Bitcoin market is being manipulated by whales that are feeding off the ambitions of the hodlers. He criticized digital money holders not selling their coins despite any fluctuations in value.

“Bitcoin hodlers won't sell as they believe they'll get rich when Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don't lose faith and cash out so that they can cash in!” - tweeted Schiff. 

This makes sense partially in that there has been a bit of pumping and dumping by day traders but this usually occurs during periods of consolidation. There is also the notion that this can apply to any market such as stocks or gold. Anyone with enough of the asset can cause wider market movements through manipulative tactics.

Earlier, an economist predicted a fall in the price of the first cryptocurrency to $2.000. In his opinion, the technical analysis of the coin rate chart looked “terrible”. After that, the value of the asset increased sharply by 30% and reached the mark of $10.000. At the moment, Bitcoin is trading at $9.100.

At the same time, Peter Schiff admitted that he reproaches himself for not buying Bitcoin when it cost about $10.

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