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Bitcoin Critic Peter Schiff: Pumpers’ failure might mean “Game over” for Bitcoin

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Bitcoin critic Peter Schiff took it to Twitter to express his opinions about the recent market movements regarding Bitcoin. He stated that if “pumpers” are unable to “sucker in new buyers” the game might be over for Bitcoin.

Bitcoin critic Peter Schiff at it once again

Peter Schiff is well known for being highly bearish on bitcoin and other digital assets. He prefers physical gold over the so-called “digital gold.” Now he has released one more controversial statement on his Twitter account. He observed that the Bitcoin “pumpers” and “dumpers” are losing their “mojo.”

However, his remarks seem to hold weight as just yesterday the price of Bitcoin showed a flash-crash type of scenario. Buyers managed to pump the price of Bitcoin from 7,230 to 7,620 under 20 minutes. However, the price failed to maintain the bulls or even create a foothold at that level and dropped to $7,170 before regaining momentum. The price is hovering around $7,340 at the time of writing showing a net decrease of 1.5 percent across the last 24 hours.

Some people passed his tweet off while others made fun of Peter’s comment. Some users noted that the short-term price movements are controlled by traders while the long-term movements are linked with asset fundamentals. It was highlighted that Bitcoin’s price movement might be chaotic in the short-term but its price has grown exponentially across the long-term.

Bitcoin critic Peter Schiff has a clear anti-crypto stance. Just last month he stated that pot is more useful than Bitcoin. He stated that Pot can be smoked to “get high” while Bitcoin has practically no such uses.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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