The infamous investor of gold and silver, Peter Schiff, leaves no tables unturned to criticize Bitcoin. On Tuesday, the crypto cynic chose to trash hodlers and targetted the whales parallelly. Schiff claimed that whales are over-ruling the market by unpacking their bags of assets and maintaining the faith of the hodlers.
According to the investor, hodlers keep on holding their cryptocurrency, expecting its value to rise to a new bar, and whales sell their currency and keep getting rich. Schiff tweeted,
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!
— Peter Schiff (@PeterSchiff) October 29, 2019
The tweet somehow hints at Bitcoin being a pump and dump scheme as he states that whales hike up the prices so they can dump their holdings at a sufficient amount. Although Peter Schiff is one firm skeptic of crypto, he still accepts the payment in virtual currency in exchange for his precious metal.