Peter Schiff Gets Trolled for “Marketing” Comment on Bitcoin [BTC]

Peter Schiff, an American stockbroker and financial commentator, has become very popular with the crypto community. He projects himself as a ‘gold buff’ and has been an eternal basher of Bitcoin. However, his comments more often than not have fared well for Bitcoin than adversely affect it.

Recently, he tweeted about a probable paradoxical situation that Bitcoin price could enter in the future. Schiff attempted to attack the decentralization of Bitcoin. However, instead of receiving explanatory replies to his concerns, the crypto-community went into troll mode.

He tweeted,

Bitcoin was a major marketing success for big buyers who got in early. But to really succeed they must dump what they pumped without crashing the price. Doing so requires creating enough FOMO to sucker institutional investors into coming aboard without HODLers jumping ship!

He seems to be attacking Bitcoin proponents for popularizing Bitcoin for their own gains. However, he has also begun painting a bullish picture for Bitcoin. Nevertheless, in his optimistic view, its a handful of big buyers that would dump their massive holdings.

Max Keizer, early adopters of Bitcoin and a Perma bull, replied sarcastically by questioning the credibility of Schiff views while pointing to his marketable brand value. He said,

Your brand is dying. People (read: clients) are questioning; if you can be so wrong about #Bitcoin, how can we trust that you know much about anything else.

Age of Bitcoin Hodlers

Willy Woo, crypto-analyst and trader, also attempted to refute his claims through real data. He said,

To Peter’s points, institutional investors are already coming in, I do not believe they are suckers by virtue of needing to understand risk management. The data I see is that old hands (via UTXO age) are distributing coins over time, the capital inrush is more than enough.

UXTO age refers to Unspent Output from Bitcoin [BTC] transactions. It is a parameter which estimates the percentage of Bitcoin hodled in different time frames. For example, longer than five years, 3-5 years, to less than a year.

UXTO Age June 2019 (Source: Hodlwave)

The distribution in the time frames reveals that the “old big” hands have been trading as well. The bear market of 2018 was substantial in the redistribution.

Moreover, more than 25% of the buyers seem to have bought after the bubble 2017 with another 25% trading for less than six months. Furthermore, as Woo mentioned, institutional investment is one the rise. It is evident from the growing Bitcoin Futures volume at CME and the introduction of umteen other platforms.

Do you think that Bitcoin is controlled by a few big buyers or is more decentralized than that? Please share your views and analysis with us. 

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