2020 has been all about people coming out of fiat’s influence and finding the importance of Bitcoin. But among these high-profile names, celebrities, legendary investors who have found love for Bitcoin do not include Nouriel Roubini and Peter Schiff.
These two people have been bashing Bitcoin for a decade now; either they like to be wrong way too much or are just holding Bitcoin secretly while keeping up with the appearances.
Like a broken record, they started calling names to the leading cryptocurrency yet again as BTC took a drop of 17% to nearly $16,300. Since October, the loss came after a new 2020 high of $19,500, a rally of more than 85%. Even now, BTC is up 135% YTD.
Today’s sharp drop in Bitcoin follows yesterday’s late afternoon 7% drop in #GBTC, which began before #Bitcoin itself sold off. GBTC buyers are likely not long-term HODLers, but short-term traders. If the biggest buyers are now sellers, who will take the other side of this trade?
— Peter Schiff (@PeterSchiff) November 26, 2020
In his latest attempt to do… something, Peter Schiff, a gold proponent, attributed this rally to CNBC promoting Grayscale and covering Bitcoin non-stop positively, which led “greedy speculators” to jump in.
Meanwhile, Nouriel Roubini felt the need to share, yet again, that it is not a currency. A highly volatile store of value, “Bitcoin has no role in institutional or retail investors portfolios,” he said.
So on Thanksgiving don’t be a headless Turkey fool/sucker being duped by manipulative whales, crooks, scammers, carnival barkers, front-running criminal exchanges that just want to steal your savings/ wealth. Stay away from the cesspool of 1000s of worthless shitcoins. 12/12
— Nouriel Roubini (@Nouriel) November 26, 2020
“In every bubble those who don’t participate always look like fools for missing out. It’s only after the bubbles pop and the air comes out that the real fools are exposed,” said Shiff in another tweet.
If only he would have just put his investment in Bitcoin, like his son, if not done already, that is, instead of seeing these declines after explosive rallies as a way to criticize bitcoin, he would have been buying the dips and accumulating wealth.
According to him, once bitcoin’s bubble deflates, “the real gold remains the best safe haven and store of value left standing.”
He didn’t share with his followers that ever since making a new all-time high above $2,000, the price of the precious metal has declined more than 13% to $1,800.