Peter Schiff has labeled Bitcoin’s recent rally as manipulation by whales.
He further alluded to Bitcoin being a pyramid scheme that is running out of fools to keep it going.
Mr. Schiff was responding to a tweet by Tyler Winklevoss pointing out the coincidence of BTC pumping by $500 after Goldman Sachs advised against it.
Popular Bitcoin critic, Peter Schiff, has once again thrown a jab at BTC by labeling its recent rally from $9,100 levels it $9,600 as manipulation. Mr. Schiff was responding to a tweet by the Co-Founder and CEO of Gemini Exchange, Tyler Winklevoss, which pointed out that Bitcoin had defied the FUD thrown by Goldman Sachs advising against investing in BTC and cryptocurrencies.
Peter Schiff further claimed that Bitcoin was a pyramid scheme that had run out of fools and whales such as Tyler Winklevoss, were pumping the price to keep it going. The initial conversation between the two can be found below.
Probably due to whales like you manipulating the price higher to downplay the significance of the bad news. The supply of greater fools is running low, and is unlikely to include enough institutional investors to keep the pyramid scheme going.
Common Enemy in the form of the Fed and Money Printing by Central Banks
However, both Peter Schiff and Tyler Winklevoss believe in two assets that are stores of value: Gold and Bitcoin (BTC) respectively. In this fact, both gentlemen have on numerous occasions expressed their disdain for the Fed continually printing US dollars in a bid to offset the economic effects of the Coronavirus. For example, Peter Schiff advised investors to stock up on Gold and Silver due to the Fed’s unlimited money printing capability via the following statement.
Jerome Powell just said that there is no limit to how large the Fed’s balance sheet can grow, and that the Fed can inflate the money supply endlessly without ever having to worry about inflation resulting in rising consumer prices.
Famous last words. Buy #gold and silver now.
Tyler Winklevoss has also advised investors to be wary of the money printing habits of global central banks. In a recent statement criticizing the Bank of England considering negative interest rates, Mr. Winklevoss pointed out that such a move would make saving money under ‘your mattress’ more attractive than in a bank and that Bitcoin was the best hedge against such activities.