Peter Schiff: “Crypto whales” get rich with the help of small holders of Bitcoin

Peter Schiff, managing director of Euro Pacific Capital, believes that large cryptocurrency holders, commonly called “whales,” earn money from small investors.

Schiff wrote on his Twitter blog that the scammers, that is, retail investors, basically refuse to part with their Bitcoin savings, regardless of the cryptocurrency rate. They do not want to sell their savings now because they believe that they will be able to make large profits when the price of BTC reaches a new historic high. At the same time, Schiff explains that the “whales”, on the contrary, are selling their savings right now in order to get a good income and to benefit from the volatility of the BTC before the market collapses. In addition, the analyst wrote that the whales need confirmation that the scammers do not lose faith and do not seek to cash out in order to be able to profit.

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

Peter Schiff is known in the crypto community for his predictions about the decline in the value of Bitcoin to the level of $ 2,000. In addition, Schiff is known to many as an active supporter of gold. He believes that only this asset deserves attention and is the safest. In addition, in his opinion, it can serve as a refuge during the economic crisis.

Schiff said the BTC is a bubble the other day, as part of the Off the Chain podcast. He compared the mood in the crypto market with the situation that prevailed in the real estate and stock market in 2005-2006. He also asked not to call him “BTC haters” since in reality he had “nothing” to hate.