Bitcoin (BTC) Whales that Sold at $70k Would be Buyers Now

Peter Schiff:  Because Bitcoin whales succeeded in pumping Bitcoin close to $70K, it’s much easier for them to unload more worthless Bitcoin at $20K, as those suckers who are buying think, they’re getting a bargain. These “bargain” hunters averaging down will eventually be known as bag holders.

How different people reacted differently to Peter Schiff Statement:

Your problem is you think bitcoin is backed by nothing, when in fact it is backed by a global network of computing power that records every transaction. Buying bitcoin is storing your monetary energy on a technology that has the potential to replace the entire banking system.

Peter Schiff:  No energy is stored as none can be released in the future. Energy is only wasted to create Bitcoin.  That computer power will mean nothing when speculators no longer want to collect and trade Bitcoin.

Whales that sold at $70k would be buyers around these levels.

Peter Schiff:  They are likely still selling. If they buy any Bitcoin, it’s simply to prop up the market to draw in more suckers so they can sell more.

And those bag holders are still outperforming you and every other market on a 5-year time frame.  As someone on the side lines, but open to crypto. What is stopping nations from adopting their own crypto currency and then banning the use or sale of bitcoin in their countries? I don’t see the US allowing any other crypto to be accepted in the country if they have their own.

The only thing that is gone is the value of the dollar. Bitcoin is on its way to a million. Every 2 years another 0 is added, only you did nothing. You are just watching and hoping it will go to zero, and I am afraid you missed it. Your fear is becoming reality.

As people embrace sound money principles as expressed in Bitcoin, your cognitive dissonance shows that your psychological attachments are causing you financial harm as well.  Some people are not mentally evolved enough to get the point of Bitcoin. Eventually, when the whole world gets it. They still won’t know, but will be forced to join in.

Peter Schiff:  Many of them didn’t even start buying until the last year or two. So those prior gains mean nothing to them.

Bitcoin Naysayer:  The entire thing depends on more people buying into the system. Without buyers, they have to shill, defend and attack, literally guilting you into buying. The same as MLM. Can’t go up until you get more buyers. New buyers = the people who will do anything to get rich.

Bitcoin has no value as it’s just a prototype. However, cryptos that have use cases such as smart contracts, tokenization, DeFi, etc. built correctly will one day have value. Ones backed by gold will too. Not all cryptos are worthless.

Too many people on extreme ends. One saying all cryptos are worthless and the other saying Bitcoin going to $10 million a coin or Ether going to $100k a coin.