Peter Schiff has long been vocal about Bitcoin (BTC). Europac’s Chief Economist and Global Strategist terms selling Bitcoin now a ‘smart move.’
As a Christmas gift, Schiff suggests Bitcoin HODLers to consider the Bitcoin chart he shared via a tweet:
My #Christmas gift to #HODLers is this #Bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today. pic.twitter.com/lPOLABGEQQ
— Peter Schiff (@PeterSchiff) December 25, 2022
He states that in the said chart, Bitcoin is near its ceiling and far from its floor. The yellow line, he states, used to be a support earlier, but has now turned out to be a resistance.
Schiff goes on to reason that there is not much vigor in BTC’s upside potential, but its downside risk is still present. This convinces Peter Schiff to term selling BTC today a ‘smart move.’
In a subsequent tweet, Schiff terms Bitcoin to be the “anti-gold.” In doing so, Schiff states while the BTC chart that he shared resembles gold’s 1999 chart, BTC will not follow the gold path.
But the BTC community tends to have a different opinion on Bitcoin than Peter Schiff’s analysis. Presenting an intriguing BTC analysis to Schiff on the Christmas eve is Jeremy Garcia, Founder and CEO, Satoshi’s Journal.
Quoting DocumentingBTC’s own BTC analysis, Jeremy Garcia’s BTC analysis terms Bitcoin as ‘the best store of value.’
Jeremy shared his BTC analysis as a reply to Schiff via a tweet:
@PeterSchiff here is a little Christmas Gift for you https://t.co/ZEOOLjOcDN
— Jeremy Garcia (@jerimican5445) December 25, 2022
A 🧵#Bitcoin will someday replace Gold but your line of business prevents you from seeing this. Bitcoin is math, engineering, science, technology & so much more. Au is a non-programmable element.
Garcia believes BTC will eventually replace gold, given its non-programmable elements built on math, engineering, science, technology, & more.
He also emphasized on the future of BTC citing its yet-to-be-tapped store of value and adoption aspects. Garcia believes BTC is merely in its ‘store of value’ phase, that there’s a promising monetary ascent awaiting.
