Bitcoin price just recaptured the $49,000, but Peter Schiff thinks those who are not selling now are the real idiots
Bitcoin price has broken through the $49,000 price threshold and is currently trading at $49,118 on the Bistamp exchange.
Despite Bitcoin price retakes $49,000, Schiff said those who are not selling BTC now are “real idiots”
BTC managed to recover to three-month highs in the $48,600 zone after the director of global macro at Fidelity, Jurrien Timmer, posted a tweet about the leading cryptocurrency, saying that he is impressed how resilient the biggest crypto is during the 55%-correction.
I’m impressed how resilient bitcoin and the crypto space in general have been during this 55% correction. The speculators (tourists) got crushed as they usually do during drawdowns, and now make up only 17% of the market. That level is consistent with past bottoms. /10 pic.twitter.com/21eShXeqfm
— Jurrien Timmer (@TimmerFidelity) August 20, 2021
Bitcoin came off one of its toughest quarters over, plunging by 40.7% in Q2 2021 due to Tesla’s about-face on Bitcoin payments and the China mining ban.
“The speculators (tourists) got crushed as they usually do during drawdowns, and now makeup only 17 percent of the market. That level is consistent with past bottoms”, Timmer believes that the market has bottom after the speculative fervor cooled off.
Recently, Euro Pacific Capital CEO Peter Schiff keeps urging Bitcoiners to sell their holdings after a whole decade of awfully wrong predictions. Schiff stated recently that those who are not selling Bitcoin now are the real idiots.
At the same time, he acknowledged that he would himself be an idiot if he had no regrets about not buying the flagship cryptocurrency when its price was much lower. Earlier this week, he admitted that he regrets not buying BTC in its early days when he learned about the leading cryptocurrency about ten years ago.
In December 2019, when Bitcoin was trading at roughly $7,200, Schiff stated that Bitcoin was“a Ponzi that was running out of buyers. Those who paid heed to Schiff’s advice on 566% gains.
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