Bitcoin Forum

From the article : Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns 'Don't Buy This Dip' (https://news.bitcoin.com/economist-peter-schiff-explains-why-he-expects-bitcoin-to-crash-as-recession-deepens-warns-dont-buy-this-dip/)

Economist Peter Schiff predicts that the crypto market especially Bitcoin and Ether will continue to crash due to the need to cash out.

He also say in his tweet that Bitcoin will continue to crash down to 20k while ETH to 1k.

He stated the reason why this thing will happen and said that holders need to sell because of the ever-increasing price of commodities.

When I read this article I was like.. is he on drugs?.  Why wouldn't I buy this dip?  This is like a Bitcoin on sales.  Even if the Bitcoin market stays in bear trend in years, it will become bullish after this trend.  We have seen it several times.  I think he is forgetting the trading law of buy low sell high and if we can buy lower that will be better.  Now I fully understand why many crypto enthusiasts ignore most of Peter Schiff advice.

How about you?  Would you let this another window opportunity to buy BTC at a lower price pass by?  Do you also think Bitcoin price will crash further?

He is one of the most negative people on bitcoin. His opinion about BTC was also negative when the whole market was moving upward. I do not care or follow this person at all.

One thing I am certain about with BTC is that it will break ATH every 4-year cycle. This is inevitable because of its limited supply and as long as its community grows. And the bear market is the best time to grab more BTC, so I am buying the dip.

This person is already expected to make statements like this, especially negative things about Bitcoin.
We all know that this guy is a Gold maximalist and I don't know why he always attacks Bitcoin instead of shutting up with his gold?
Well, we should respect his views and opinions, this guy has his own belief about Bitcoin and Gold.

The dude has been on Tucker Carlson and FoxNews.... credibility -----> Window

Whenever there is a drop, even the smallest of drops, it has always been a celebration day for those who are against bitcoin and its growth because for a short window of opportunity they can pretend that their years of nonsense about bitcoin is "true".
Let's not forget how much Peter Schiff insisted that "bitcoin is a bubble" in 2017 when price was barely $2,000 and hadn't gone up to $20,000 yet. Today it is 10 times higher and even though he has stopped his extreme FUD but he is still spreading FUD.

Pretty dire, but this wasn't unexpected -- and I've to say his 20k and 1k valuations are scarily close enough to even be conservative. Considering that we're barely 25% away from those numbers right now.

As pooya says, definitely big smiles on the faces of guys like Schiff. But mind you, he's trying to get it even lower so he can re-up.

Oh he's into Bitcoin, even if he and his cut of cloth will never admit it.

If everyone will sell because they need cash because price of basic necessities are sky high then perhaps its true. Its a scary place to live while the world experience  on of a kind inflation.

We really have to expect the worse when there is a bear market. Peter always remind people to buy gold and silver, I think he really have a good point in reminding us about it.

Who cares what Schiff says? He's not an analyst, he's a propagandist. He has a belief that Bitcoin will go down, and he will always construct "arguments" of why this will happen. Never listen to permabulls and permabears, their opinions are worthless. Find some who has a good track record of predicting things accurately in the past, rather than being a self-proclaimed expert.

Schiff is sharing his opinion. He has the right to do so. Of course his opinions are NOT facts. This isn't a proper analysis. This is more like wishful thinking disguised as a pseudo-analysis. There's no recession so far. We are witnessing high inflation, but the unemployment rate isn't growing and the GDP isn't decreasing. Many "experts" are predicting stagflation, which might happen, but there's no 100% certainty.
He could be right about the BTC price dropping down to 20K USD, but for all the wrong reasons. The Bitcoin bears are willing to sell at 30K and buy the dip at 20K USD. His doom and gloom prophecy about crypto traders and companies going bankrupt might not happen.

I didn't let the opportunity to buy BTC at a lower price pass you by because I had set a buy target at $23k and it is already filled and the rest left as well. But I don't buy all at once or all-in, just to anticipate if the price continues to fall to lower prices. And if the bitcoin price is going to hit $20k, I'll set a buy target at that price and wait. I don't know if the bitcoin price will fall further or will bounce to a higher price than now because, in my opinion, the current market conditions are moving fast because many people are panicking about the market situation. Hopefully, $23k is the lowest point for bitcoin and after that, the price can bounce back.

I think the BTC price will continue to crash,  we still have a long way as a Bear Market.


No, I wouldn't  I have lower targets for buying but that might not happen so I am taking my chance to at least buy some on this one.


It is possible and some bearish Technical Analyst thinks that it might go further down to $19k per BTC.

Peter Schiff is to Bitcoin what Jim Cramer is to stocks.  You'd be far better off doing the opposite of what they say.  However, a broken clock is wrong twice a day and this does appear to be the case with Schiff this time.  I don't know how long this bear slide will last, but with Celsius putting DeFi in serious trouble, mtgox coins still waiting to hit the market, ETH 2.0 coins getting closer and closer to being unlocked, it doesn't look good.  This is the point in the cycle where you hold on for dear life and hope you are able to carry your investments to a brighter day.  Those trading on leverage or with high debt should really be making sure they can survive a $10,000 Bitcoin price.

Cramer at least states stock fundamentals whether he is wrong or not, Schiff has no interest in any part of crypto so he is not even in this sector.

Dont trade on leverage or have a plan and a stop loss, the market is trying to unwind all those sellers who have no choice in a vice like effect.   Schiff isnt involved with BTC or blessed with any insight so Im not sure the point of posting him especially.   I dont have any negative views on Schiff, its more an incorrect question put to him; I wouldnt ask him which racing engine performs best or many other subjects.
   The Schiff view is hard money, especially gold is the main basis of value for all things so a protocol like BTC is near to zero for him with no usage.   I think he did admit some use would continue long term and said some price in the hundreds is right.   Just that much to me is bullish, someone who hates BTC admits it can be used for many years and exchanged for worth.    The reason why he is out of line is we are nothing near to hard money, we have Dollar burning itself down to the ground in the continual failure of value to its holders.
    If Volcker was Fed chair and rates were 15% and it was all different then sure maybe BTC is 900, this isnt occurring within five years probably ever so we have Dollar appear up, its long term still declining and alternates such as BTC will continue even after this price adjustment.

FED rates news is Weds, thats current focus point.

I wouldn't say Cramer states stock fundamentals.  If you watch his show he is basically throwing around wild opinions and trying to make it as interesting as possible with loud noises and funny graphics.  He's an entertainer and he gets paid to get you to watch his show.  He has to appeal to people to he pretends to have actual knowledge behind his comments, but the numbers don't lie.  He's basically the worst stock adviser you will be able to find anywhere.  A chicken pecking at the newspaper could literally make better investment choices.

As for Schiff, he is the opposite.  Cramer wants you to buy crap, so he floods you with information about the crap.  Schiff wants you to avoid crap, so he gives you reasons why you should avoid the sector.  In both cases, they've found a renewal of their careers by taking their stances, so I don't expect either of them to change anytime soon.  They are talking heads who are there to push 1 agenda.  It doesn't matter what's going on in the market.  Their view won't change.  It's their bread and butter.

When you quote tweets it's better to provide their links, in order to help people to check the context of the quotes and what the personality has really told as a whole. And I don't understand why you ask if he's on drugs, it's not very respectful toward him. Bitcoin is currently at $23k if it collapses to $17k like many are thinking it will represent a drop of -25%. It's a large loss for investors looking for a hedge against price inflation.

As an investor and reading up with these kind of sentiments could really boggle up your mind and make out those questions in mind if you would go
or hold a little bit further when making some buying decisions because it could stir up with your own idea and preference whenever you do read up
these words which do came from those people who are knowledgeable but not precisely that correct in terms of price predictions.
So it would be still ending up with your own decisions in life.

Speaking of Jim Cramer...  While the Schiff indicator might suggest a bounce is in the works for the Bitcoin market, the Jim Cramer indicator seems to be saying there's more pain in store for stocks: https://twitter.com/jimcramer/status/1536413926379950086

When Jim says he's loading up on stocks here, you might want to run for the hills.  The funny thing is in the comments everyone is begging to know what it is he's buying exactly so they can short it.  Proof that you can be terrible at your job, but if you're entertaining there is always someone willing to listen to you.

Yes I agree with you, that's why I don't understand people who open this kind of threads in order to make nasty comments on one particular person asking if he is on drugs and saying they fully understand why crypto enthusiasts are ignoring him. Peter Schiff was obviously right when he was saying Bitcoin is dangerous, it's not the new gold and it's not a hedge against inflation. Then I don't think it's the right time for attacking him like that.

Peter Schiff's advice might end up to be the thing that would turn the tide. There was a funny pattern being detected on a social media platform that every time Peter Schiff talks about Bitcoin, or more particularly trolls or criticizes about it, the more the price rises. Of course this is just some funny thing they play with against the old man.

Kidding aside, who would not be buying Bitcoin at this cheap a price? An opportunity as golden as this doesn't come knocking on our door too often. Let's grab it!

The guy might be correct in his last few tweets for the past couple of months, basically since the peak in November. However you need to understand he has been posting negative Bitcoin tweets for years.

And what is worse he has been tweeting nothing but bullish Gold tweets for years and if you look at the charts. Gold has been a horrible investment.

Sure it wouldn’t make you lose money but there were better investment. Like stocks or crypto or anything else pretty much.

It could also be that Peter Schiff himself may have wanted to buy Bitcoin but cam not and he is reacting negatively to not collecting as much as his demand. Because as we have seen before, those who were opposed to Bitcoin at first, later most of them regretted it and still some are waiting for the dip.

If only he will say that don't buy this dip because there is another dip that will come, it would have sound better but some of his predictions are correct because btc and eth has dropped once again and it looks like they are heading on the said price which is 20k for btc and 1k for eth but before I saw this thread, there was one thread before that I saw that predicted the same thing for btc that it'll drop around 23k and 20k.

It seems legit. This guy here said to sell btc to pay bills will worsen the situation? But what if you don't have money? Will you choose your electricity to get cut out over selling your btc's? He can only say this because he is not on those situations.

Look
If you had
One shot
Or one opportunity
To seize everything you ever wanted
In one moment
Would you capture it
Or just let it slip?

Eminem

He is not 100% wrong. Just because there will be a recession doesn't mean that we will be doing terrible in the future, but there is a high chance that it could happen. Crypto was our way out of the markets and that means when there is a recession, we should be going high because people should be moving further away from the fiat world and move into crypto, and that was literally the reason why it was created, literally on 2008 crisis as well.

However, there is a good chance that people will not see this, just like they keep missing out many benefits of crypto, and instead opt for something that would be a little bit more like running away from it, I wouldn't be shocked.

It was just only half and not complete because if he do pertains or do talks about buying on the recent dip then people wont really be precisely be following on whats been suggested with some known people

or popular as this on where we do make out own decisions whether we do buy on this dip or wait even further its our call and its just sensible that we dont really make ourselves get

directly involved on any calls or speculations made by these people.Do your own research and analysis and made decisions which you do seem fit.

Gold is supposed to be inert, neutral and a boring commodity.   His real take is Dollar decline hence gold and his alignment to BTC somehow he comes into this circle of debate via that route of currency alternatives.
  To invest in gold you would need to take the mining companies who pay a dividend, but they also take horrible losses when the price of gold drops too much relative to costs such as oil.   To hold plain gold is just commodity storage, it costs money to do this and again its really a bet that Dollar diminishes and so price of gold rises.  Speculative activity not investment exactly.

The ironic thing is Schiff was criticizing BTC since 2011 or earlier.  If he spent an hour of his time/wages for each negative post at that moment on buying BTC instead, call it an experiment a demonstration but if he put his money where his mouth is, ready for it to decline and label BTC trash he would have done well right upto now.   After the price drop even if we drop more he would still be well in profit and without any big cost to do so just some slight optimism on technology development together with that never ending Dollar decline.
  Its unfortunate that people bother to be negative on something they arent really involved with.

I dont know about that trend of price rise correlating to Peter Schiff's "advice" but he
isnt going to influence Bitcoiners or anyone else who has been sitting on the sidelines
waiting for such a price opportunity.

When the price was $60k + a lot of people were thinking I should have got into Bitcoin
when it was $20k or I should have bought more.

and when we hit $60k again I'll bet there will be people cursing themselves for
following Schiff's "advice".

I think better advice would be to not buy when Bukele is buying the dip  ;D
Every single time that wanna-be trader has bought the dip it went lower and lower just a few days later.

Right now he hasn't yet bought despite getting a 30% discount so by all logic this should be the real bottom, despite what Schiff says.


You're ignoring the people that
- bought at 50k,  40k and at 30k thinking it won't go lower than this
- people that sold at 60k, 50k, 40k, and 30 k and are laughing their ass off seeing how they can buy 3 times more coins in some cases now

Everyone is saying weak hand, hold till death, but at the same time, some of the weak hands are raking a profit now!


Doesn't look like that right now, isn't it?

He is also one of those who propagate negative things about bitcoin so I usually ignore his tweets.


It is true that bitcoin could fall even further possibly below $20k in the near term, but that doesn't mean we should wait for bitcoin to drop. Bitcoin is a long term investment buy it now and hold it for the next 2 3 years it will definitely pay off so no need to take the advice of a bitcoin hater and miss out golden opportunity.

You ignore his tweets but at the same breathe you agree with what he said that bitcoin could go down much further is the most palpable. I would agree with you regarding buying bitcoin right now but given the current winter in the market, I think that we have to wait it out a little, try to make sure that you can get the most out of what amount you're shelling out.

Yes, I will capture it because I don't know if that is the last opportunity  for me to embrace such a good things in the community. This is the opportunity many traders has been hoping to see in crypto market before they can buy and hold for the bullish season to come before they can sell to make a good money. I believe the crypto price has decreased to a level where traders can buy huge amount of coins and hold for future purpose.

I wonder why this is any news at all, when the market is bullish the advice of Peter Schiff is to not buy bitcoin, when it is in a ranging market he also advises to not buy bitcoin, and when we are in a bear market the advice remains the same, so why does it matters what he says when regardless of the circumstances the advice will remain the same? As such there is not really a reason for people to listen to him as we know what his opinions are about bitcoin and the market in general.

Exactly taking coins out of public circulation will push the price up.

Everyone wants to buy at the lowest price but it's all guesswork, there's no guarantee everything will be right. My prediction is still under 20k but I am still buying at current price and not having to buy one time, using DCA strategy is optimal for the current situation instead of waiting and hoping bitcoins will go their way we think. While everyone expected bitcoin to drop below $20k, the market is likely to do the opposite, always have a plan B.

I'm more interested in going against the grain than having to follow other people's words, I'd rather buy on a downturn than have to wait for the market to go bullish again, remember now a price that we may never see again in the future, I prefer to go against what many people think say instead of having to follow it.

Most people are poor
Most people lose

 so going against the grain is the only way that will make you profit

While possibilities are there  yet how can we be sure if this is not the end of Bear and sooner it will grow high?
like now that the dumping starts to end and we can see some greening in the market condition showing how strong bitcoin position at 20k.

and also I am ready to whatever market goes now, because firstly? I am a Holder , second? i have learn to stand when the market shows weakness .

The thing is if we believe his advice, we might miss out on a huge opportunity.  Many people had missed out when Bitcoin was below 20k, would we want to miss out on this opportunity if in the future the price of Bitcoin reaches $250k?  I bet we will be scratching our heads regretting why we did not invest in BTC when it is in discounted sales.


More likely, there are still many people who ignore BTC and its importance and the opportunities it brings.  And I feel sorry for those crypto active who is swayed by the advice of Peter Schiff.

Peter is one of those crypto antagonists who always say the opposite things about bitcoin. So if a single person ends up believing in him, its like he always chose to lose than to earn in crypto. And right now, bitcoin has become more bearish wherein it signals the best entry in the crypto market. So there's no reason not to buy in dips, as it opens good opportunities to buy more of bitcoin while its price has become so affordable since we hardly see bitcoin falling in a very low price level.

Peter Schiff's words are nothing...

Peter is not a great financial advisor, he is just an old man who loves gold. I have known bitcoin for more than 4 years and so far the price of BTC is very volatile. bitcoin will definitely be bullish again because many are waiting for the bitcoin price to go down (dip) to buy more and sell when the price has gone up again.

It looks like Peter Schiff's intel is on spot this time.  Bitcoin even crash below $19k.  But still I won't heed Peter Schiff's advice of not buying the Dip.  It is like letting go of a discovered gold vein.   It may look bad for Bitcoin holders because the paper loss is becoming bigger and bigger but it isn't necessarily a loss unless we sell.  If we bought at $60k, now is the best time to lower our price entry point.  If we buy $1000 worth of BTC at $60k, why not buy $10k worth of BTC @ $19,027 this time?  By doing so, we can lower our Bitcoin price entry point to $22,752, and we can break even at $22,752 and profit beyond that.
I am confident that Bitcoin will recover and it will give us new ATH.  It has been proven by history and I believe it will be proven once again.

For Peter Schiff this is nothing more than free publicity, he is always talking about why gold is better than bitcoin but most of the time no one listens to him as bitcoin is either bullish or in a ranging market, however now that we are in bear market Peter Schiff is trying to convince people to go to gold, and while there are some really awful investments out there investing in gold is not such a bad proposition, however when compared to the profits bitcoin can give and the time frame in which this will happen gold is nowhere near as good as bitcoin.

Forget about Peter as he is no good for crypto, and only fools will probably believe on him. Why not buy at this dips? This is the best moment that we have been waiting for so we should always prepare for a maximum purchase this time as bitcoin has finally reached its best buying moment at its very affordable price. Those who want to invest in crypto, now is the best time to invest and not when the market is bullish as many people are blinded by it.

Man's like trying to pump gold by his words but in terms of wise investment, someone should choose Bitcoin over gold. Although investment in gold is not a bad thing also since I think it's safer than Bitcoin in terms of risk but it's up to the person what will they choose since the reward ratio will always depends on how risky the investment.

People should buy the dip now and if they want to accumulate more in the future and stop listening to the gold enthusiast if that's not your thing. Just think what was the Bitcoin price when it stayed at ATH price, can you buy that price to gain more BTC?

You can say that, there is nothing wrong with it at all. However, the problem is not finding the optimum, you think people can find the optimum but they end up failing, the advice to hold is the one given to people who can't do that. If you bought at 3k, sold at 68k, and got back in at 20k, then they can totally do that, nobody says hold to that person.

However, if you buy at 3k, hold when it was 68k, sell at 20k instead to take profit and it goes to 30k instead, that would be wrong right? So this advice of holding is not to people who trade amazingly, it is to people who make wrong moves and end up losing all of their money, which happens daily.

Also you need to take into account your security.
Making profits means having your coins in hot wallets or on exchanges which can get hit hard in these dire moments.
I take a more defensive posture with cold wallets instead of optimizing profits.

Peter Schiff is a crypto hater, just like Warren Buffet, they are both people who can't accept anything new. So whatever Peter Schiff says is always
going to make crypto look bad and Peter Schiff doesn't seem like he's going to stop attacking crypto, until crypto is completely dead. Although
Peter Schiff is a successful economist, that doesn't mean everything Peter Schiff says is true. I agree with you we don't care what Peter Schiff says,
we can see for ourselves the extraordinary performance of crypto during the pandemic. Especially Bitcoin will never let us down if we invest long term
in Bitcoin, based on my experience every time the price of Bitcoin falls very deep, it can always recover again and can even rise higher than
the previous price. So I will buy Bitcoin and Ethereum gradually every time the price goes down, because I strongly believe in the future of Bitcoin
and Ethereum is very bright. I also don't want to regret missing the opportunity to buy Bitcoin and Ethereum at low prices, so that in the future
I can make big money.

It doesn't take a fool to see the market is in the bear run, tho. His point is quite common among traders right now. Doubt we're actually hit the floor yet so trying to buy the dip at this time is unwise.

We are also far far away from the top so any investment will most likely be big profits within 4 years.

Probably unwise to those who won't DCA.  and..


This made more sense.  Why pass up on an opportunity when it is as clear as water that buying at this time will give us profit in the future.  Often times those who wait for the "dip" to buy often missed out.

Peter Schiff is funny.  He takes every chance he can to troll Bitcoiners.  You can see he breaks during interviews sometimes (especially with Pomp) and you can tell he doesn't even believe the things he's saying.  He recognizes that he's a talking head and he purposely talks his supposed position.  I promise you that Peter Schiff owns Bitcoin, and not just the satoshis people sent him back in the day.  I don't believe that he thinks as poorly about Bitcoin as he speaks.  He's just doing what's expected of him as a gold bug.  I wouldn't be surprised if he was stacking sats this entire time himself.