Peter Schiff Advices Don't Buy the Dip

[BitcoinPanther]

From the article : Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns 'Don't 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.

Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that “The need to sell bitcoin to pay the bills will only get worse as the recession deepens,” adding that bitcoin is poised to crash to $20K while ether will sink to $1K.

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

Bitcoin looks poised to crash to $20K and Ethereum to $1K … Don’t buy this dip. You’ll lose a lot more money.

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

The need to sell bitcoin to pay the bills will only get worse as the recession deepens and many Hodlers lose their jobs, especially those working for soon to be bankrupt blockchain companies.

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.

Most bitcoin proponents continue to ignore all bitcoin and crypto predictions made by Schiff, with many seeing his gloomy expectations as a buy signal for BTC.

“Possibly the most consistently bad investment advice on public record,” one Twitter user wrote. Another asked Schiff: “Check bitcoin or Ethereum 5-year charts, then check gold’s. Which would you rather have held? Which would you rather hold for another 5 years?”

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?

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[istiak2277]

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.

Most bitcoin proponents continue to ignore all bitcoin and crypto predictions made by Schiff, with many seeing his gloomy expectations as a buy signal for BTC.

“Possibly the most consistently bad investment advice on public record,” one Twitter user wrote. Another asked Schiff: “Check bitcoin or Ethereum 5-year charts, then check gold’s. Which would you rather have held? Which would you rather hold for another 5 years?”

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.

[GreatArkansas]

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.

[Wilhelm]

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

[pooya87]

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.

[buwaytress]

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.

[bittraffic]

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.

[hatshepsut93]

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.

[davis196]

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.

[ethereumhunter]

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?

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.

[serjent05]

How about you?   

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

Would you let this another window opportunity to buy BTC at a lower price pass by?

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.

Do you also think Bitcoin price will crash further?

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

[OgNasty]

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.

[STT]

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.

[OgNasty]

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.

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.

[Saint-loup]

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.

[Quidat]

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.

[OgNasty]

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.

[Saint-loup]

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.

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.

[Fundamentals Of]

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!

[adaseb]

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.