Peter Schiff accuses bitcoin (BTC) whales of market manipulation

Peter Schiff accuses bitcoin (BTC) whales of market manipulation

1 billion XRP moved from Bitstamp to Bitgo

Peter Schiff, CEO of Euro Pacific Capital and a well-known bitcoin (BTC) critic, says that bitcoin whales, people with large amounts of bitcoin in their possession, manipulate the market by responding to the ambitions of private investors:

Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!

This said the well-known gold and silver investor in a Tweet published on October 29. Bitcoin whales are regularly a controversial item in the cryptocurrency world asking how much influence they actually have on the market and prices.

Schiff also recently said that the bitcoin rally at the end of last week had nothing to do with China. Bitcoin shot up shortly after President Xi Jinping delivered a speech in which he was very positive about blockchain technology. It is speculated that it was still Western traders who raised the price, Schiff thinks it was market manipulation by whales:

Bitcoin’s recent sharp rally likely had nothing to do with China or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.

It must be borne in mind that Schiff has been negative about cryptocurrency for years and is accusing the market of manipulation. Bitcoin also shot up 30% against gold in the recent rally and is a well-known proponent of the gold market.

At the end of August, Schiff said that bitcoin has failed as a “safe haven” for investors.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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