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Gold bug and economist Peter Schiff has recommended selling bitcoin today, emphasizing that it is \u201cthe smart move.\u201d Many people disagreed with Schiff\u2019s analysis of the price of the cryptocurrency, warning that he is telling investors to sell at the bottom.<\/strong>\n<\/p>\n \n He tweeted Sunday:\n<\/p>\n 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.<\/p>\n<\/blockquote>\n \nWhile some people thanked Schiff for his advice, many criticized the economist for telling people to sell at the bottom and causing panic selling. \u201cJust one advice for you: write these things when bitcoin is around top (for example around $200K next time) and you just might help someone. Doing this near the bottom doesn\u2019t help. You saw this last time,\u201d one responded<\/a> to Schiff\u2019s tweet.<\/p>\n Some people took Schiff\u2019s warning as a sign that the bottom is in. A number of people said they just bought more coins since the price of BTC<\/a> soared after Schiff said to sell in the past. Many people disagreed with Schiff\u2019s BTC<\/a> price analysis, telling the gold bug to zoom out on the bitcoin chart to see a buy signal. \u201cThe bottom is in,\u201d one wrote<\/a>.<\/p>\n A number of people reminded Schiff that bitcoin has far outperformed gold in the long term. \u201cMy Christmas gift to Peter Schiff is this gold chart which compares its performance to bitcoin during the highest period of inflation in a generation,\u201d one detailed<\/a>.<\/p>\n Many bitcoin investors have accused Schiff of not understanding the cryptocurrency. However, the economist defended his knowledge of BTC<\/a> in a tweet last week: \u201cThe bitcoin HODL gang accuses me of not understanding bitcoin. They think that if I just took the time to learn about the underlying technology I would embrace it.\u201d He claimed:\n<\/p>\n The truth is that I understand bitcoin much better than the people who own it. That\u2019s the reason I don\u2019t.<\/p>\n<\/blockquote>\n \nPeter Schiff\u2019s Bitcoin Advice<\/h2>\n
\nGold bug and economist Peter Schiff has a Christmas message for bitcoin investors. Schiff is the founder and current chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly bashing the crypto while promoting gold.<\/p>\n\n
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\nSchiff regularly warns about bitcoin. Last week, he cautioned that BTC<\/a> may not rise<\/a> when other financial assets rebound. In November, he predicted that bitcoin has a long way to fall<\/a>, valuing BTC<\/a> at $10K. He also believes that the U.S. dollar will crash<\/a> and the Federal Reserve\u2019s actions will lead to a massive financial crisis<\/a>.<\/p>\n