Sometimes it may seem that some industry experts will only rejoice if cryptocurrenciesmarkets will crash. New ideas and technologies frighten those people who are accustomed to making money using traditional methods. Peter Schiff – one of those people.
According to his recent comments, the entire Bitcoin market is under the influence of whales, which fuel the ambitions of hunters.
Bitcoin hodlers will not sell becauseThey believe that they will get rich when the next native moon occurs. Bitcoin whales get rich by selling coins to get as much out of their investment as possible before the market crashes. The whales need to make sure that hodlers don't lose faith and cash out so they can make money!
Bitcoin hodlers won't sell as they believe they'll get rich when#Bitcoinmoons.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 is thatthat these Bitcoin hodlers have repeatedly been able to sell their reserves and make a tidy profit. Additionally, sellers tend to have more faith in technology than day traders who are simply looking for a quick profit.
Crypto analyst Rhythm Trader noted that there is another reason for storing Bitcoin – it's freedom from the current financial system, which Schiff agrees is completely wrong.
Bitcoin owners don't see it as a schemeget rich quick Peter, we see this as a freedom quick scheme. This is the only tool that will help us avoid such a future.