Peter Schiff, who made a splash in his statement following Grayscale’s victory against the SEC, saying that a Bitcoin Spot ETF would be negative for the BTC price, spoke again after the recent decline.
Bitcoin price, which briefly rose above $ 28,000 after Grayscale’s victory, did not take into account the postponement of the SEC’s spot ETF applications and retreated to the level of $ 26,000. At the time of writing this article, BTC price is trading at $25,850.
Schiff: “Whales Are Using Good News in Bitcoin to Sell”
Making a statement about the decline in BTC, Peter Schiff claimed that the recent movements were a pump and dump scheme and argued that cryptocurrency investors have often fallen for it. According to Schiff, there is a dump every time there is good news for Bitcoin after the price is raised.
According to the experienced economist, the BTC price, which whales raised using good news, continues to fall until the FOMO ends as these investors start selling.
Peter Schiff’s bank in Puerto Rico was shut down by the regional government last year. It was alleged that the bank was used for tax evasion and money laundering operations. Schiff’s bank is currently managed by a manager appointed by the district government.
*This is not investment advice.