Peter Schiff Advised Bitcoin Investors to Sell BTC

Well-known economist and, perhaps, the main bitcoin hater Peter Schiff sarcastically congratulated bitcoin investors on Christmas and presented a gift in the form of a recommendation to sell BTC before it was too late:

My Christmas present for HODLers is the BTC chart. As you can see, Bitcoin is much closer to the ceiling than it is to the floor. The yellow line, which was once support, has now become resistance. Since the upside potential is very low and the downside risk is so high, selling today is the smart move.

Peter Schiff says that if bitcoin, which constantly knocked on the support level, still managed to overcome this price mark and dropped even lower, then it would not be possible for it to reach the previous level and return to the growth cycle.

One of the subscribers mocked Schiff and said that this was a strong signal from an economist to buy bitcoin. The latter took it seriously and said that his words should be taken more responsibly and sell the flagship cryptocurrency before it's too late.

Most of the observers disagreed with Peter and showed him the growth/profit ratio between his favorite asset gold and least favorite bitcoin. The most interesting answer was given by the famous journalist Willy Wu.

He retweeted the post, supplementing his response with a graph he made himself, which is based on data available on the network. He clearly showed what a dollar invested on October 6, 2009, when the first opportunity to buy bitcoin appeared, could turn into.

The graph also shows the result of the same investment in gold, which shows more opportunities in BTC as an asset that can increase wealth. Today, $1 invested on October 6, 2009 could turn into $22,000,000, while the same investment in gold over 13+ years would have yielded a profit of $0.73.

Willy Wu summarized:

It's been a tough year.[BitcoinProfit]$22,000,000 vs Gold at $1.73

Peter, I hope you're enjoying your Snickers, well deserved.