Peter Schiff Advices Don't Buy the Dip

[BitcoinPanther]

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.

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.

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[Silberman]

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.

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.

[Viscore]

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?

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.

[Oceat]

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.

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.

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?

[wiss19]

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!

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.

[Wilhelm]

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!

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.

[Wawa2013]

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.

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.

[popeye95]

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

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.

[Wilhelm]

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

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.

[serjent05]

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.

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

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.

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.

[OgNasty]

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.