Sometimes it may seem that some industry experts will only rejoice if cryptocurrency markets will crash. New ideas and technologies scare those people who are used to making money by traditional methods. Peter Schiff is one such person.
According to his recent comments, the entire Bitcoin market is under the influence of whales, which fuel the ambitions of hunters.
Bitcoin scammers will not sell becauseThey believe that they will get rich when the next native happens. Bitcoin whales get richer by selling coins in order to get as much investment as possible before the market collapses. The whales must make sure that the scammers do not lose faith and do not cash out in order to be able to earn!
Bitcoin hodlers won't sell as they believe they'll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don't lose faith and cash out so that they can cash in!
- Peter Schiff (@PeterSchiff) October 29, 2019
This makes some sense, as day tradersearn on cryptocurrency dumps and dumps. But in the same way, you can earn money in any market, including the gold and stock market. Anyone with enough assets can trigger broader market movements with manipulative tactics.
The only thing Schiff doesn't understand isthat Bitcoin, these scammers, could repeatedly sell their stocks and get a big profit on it. In addition, sellers tend to have more faith in technology than day traders who are simply looking for quick profits.
Cryptanalyst Rhythm Trader noted that there is another reason for storing Bitcoin - it's freedom from the current financial system, which, according to Schiff, is completely wrong.
Bitcoin owners do not see it as a schemequick enrichment, Peter, we see this as a scheme for quickly gaining freedom. This is the only tool that will help us avoid such a future.