Bitcoin Detractor Peter Schiff Says It’s Time To Sell BTC, Here’s Why
2022年9月9日 - 08:00AM
NEWSBTC
Economist Peter Schiff has been actively against bitcoin for years
now and has been warning investors to stay away from the digital
asset. Time and time again, the economist has warned that the price
of bitcoin was going to zero, and even after being wrong on
multiple occasions, Schiff has not changed his stance on the
digital asset. True to form, he has taken to Twitter to warn
investors to stay away from the cryptocurrency. Peter Schiff Says
Sell Bitcoin On Tuesday, chief economist and global strategist
Peter Schiff took to Twitter to warn investors once more about the
‘dangers’ of investing in bitcoin. He pointed towards the recent
trend of bitcoin at $20,000, referring to this as a false bottom.
He further goes on to say that this is not the time to be buying,
given that it is likely that the price of the digital asset would
likely continue to plunge. His advice during this time was for
investors to sell their bitcoin. Related Reading: Public
Bitcoin Mining Firms Are Nearly Out Of Coins To Sell “Markets
rarely give investors much time to buy the bottom. #Bitcoin has
been trading near $20K for the past 12 days. More likely, $20k will
prove to be a false bottom, giving suckers plenty of time to climb
aboard a sinking ship. Better to abandon ship before the bottom
drops out.” In a follow-up tweet, Schiff points toward the
declining dominance of bitcoin as a reason why it is not a good
option to invest in. According to the economist, it is now
competing with 21,000 other cryptocurrencies and assets across
different spheres of the space. So, in the end, all of the
competition is affecting the value of the digital asset. BTC
dominance drops to 39% | Source: Market Cap BTC Dominance on
TradingView.com BTC Loses Market Share Bitcoin’s market share has
been plummeting over the last couple of years. The digital asset
has gone from having more than 90% of the total market share to
having less than half, and it has not stopped losing market share.
BTC’s total market dominance is currently sitting below 40% at the
time of this writing. However, it is important to keep in mind that
the digital asset has been able to maintain such large dominance
even at a time when altcoins are growing in popularity and
commanding more attention from investors. Related Reading: Merge
Momentum: Ethereum Sets New 2022 High Against Bitcoin Bitcoin’s
increasing use as an inflation hedge also helps to prop up the
digital asset. As well as giving higher year-over-year returns over
the past few years. The cryptocurrency has also proved Schiff wrong
in the past, rallying to $69,000 when the economist forecasted it
going to zero. BTC is no doubt in a bear trend that might continue
for a while, as evidenced by previous bear market cycles. However,
if history is any indicator, then bitcoin is likely to go on
another bull rally as the halving rolls around in 2024. Featured
image from Coincu News, chart from TradingView.com Follow Best Owie
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