Community Trust ScoreVerified
Peter Schiff Shared: During the one hour that “Bitcoin Night in America” aired on CNBC the price of Bitcoin plunged 3%. It sure looks like a highly orchestrated pump-and-dump, with sellers coordinating their orders with the live broadcast. Though the show was live, this drop was not even mentioned.
Community Response: Why do you hate free market so much Peter? I love the free market. It’s fraud that I hate.
What part of crypto is Fraud? Tether, exchanges, general market manipulation, scams, etc.
Gold is more of a fraud.
Gold is used in electronics, including the device you used to send the above tweet. It has lot’s of uses, always has, and always will. Same cannot be said about any crypto.
The SEC will approve the Grayscale Bitcoin ETF in February and it will be off to the races in 2022 Bitcoin.
If that happens Bitcoin could crash. GBTC trades near a 20% discount to NAV. If it becomes an ETF, investors that have been trapped in the trust can finally sell. GBTC will be dumping Bitcoin on the market. It owns 3% of the total supply, but a much larger share of the float.
Yeah it may “crash” from 120k back to 50k where we are now. It’s all relative.
Or it could crash from 20K down to 5K. That’s relative too.
I can only hope to be so lucky. Guess what I’ll be buying them all the way back up to previous ATH and beyond, down to any low.
Hahaha. You’ll probably get washed out if Bitcoin drops below $30K. Who do you think you’re foolin’?
Bitcoin plunging 3% is a weak sauce plunge TBH.
No. It’s in a distribution phase. Stop letting your bias cloud your judgment. We could see this going into the 30’s. A lot of cash wrapped up in trash coins and NFTs. Institutional money knows that it hit a resistance level that won’t break without this process.
Bitcoin just hit a new all-time low.
He’s got a grudge against bitcoin because he loves his precious gold. It’s that simple, he’s not logical.
Yes, I anticipate a substantial decline in price over the next couple of years. I will be looking for an entry point as an investor but not yet not even close. So I like bitcoin I think I’ll have the opportunity to acquire it 80-90% lower in price.
An 80-90% decline from here is a pipe dream.
So was 2000 and 2008. Bitcoin, which I like trades like a financial asset. If it trades proportionally to the declines of similar imbalances 4-10000 in Bitcoin is extremely possible. Amazon declined 95% from its 2000 peek, and it is the 4th largest company in the world today.
Your basement bottom numbers could only possibly materialize if we have already seen the top for bitcoin this cycle. And all the metrics and historical data suggest we have a long way to go before an 80% plus correction.
My ideas aren’t facts. I buy when see good risk reward. I’ve owned Bitcoin twice. Once early on a spike from 6-12k in 2 days and when the stimulus was announced in April or May at 9000. Possible I’m wrong.
I believe there is now too much adoption and interest in bitcoin (too much buying pressure) to allow a return to even 20k, much less 10k or lower. 80-90% drawdowns could very well be a thing of the past for bitcoin as a maturing asset class.
I agree on adoption. I like Bitcoin. But it hasn’t even been bar mitzvahed. It’s young and a decline I’m expecting in financial asset prices gets me to my target. Whatever the price if I’m correct about a collapse Bitcoin is on top of my list on the rebuild.
Negative 3%? Are we talking Bitcoin on the Hourly, or Gold on the yearly? Oh. Sorry, no, gold is actually down 7% on the year.
