Peter Schiff Advices Don't Buy the Dip

[BobK71]

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.

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.

[jaberwock]

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?

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.

[Wilhelm]

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

[el kaka22]

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.

[Hamphser]

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?

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.

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.

[STT]

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.

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.

[aoluain]

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!

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".

[stompix]

I think better advice would be to not buy when Bukele is buying the dip  
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.

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".

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!

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.

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

[Tony116]

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.

[Lorence.xD]

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.

[Zanab247]

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?

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.

[Silberman]

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.

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.

[Wilhelm]

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?

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.

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

[Tony116]

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.

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.

[inanilujimi]

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.

[Wilhelm]

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

[rodskee]

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?

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 .

[BitcoinPanther]

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.

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.

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.

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.

[Japinat]

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?

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.

[Renampun]

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.