Goldbug Peter Schiff boasts that he has cracked the case of the plunging Bitcoin price. No, it wasn’t the US government’s sudden crypto scrutiny that triggered the decline – it was Peter Schiff himself!
Schiff, the CEO of investment firm Euro Pacific Capital, advised a YouTube audience on Monday to buy silver and sell Bitcoin. Subsequently, the Bitcoin price went down as silver appreciated. That, he claims, is no coincidence.
On my Bitcoin challenge Live Stream on Youtube Monday I recommended selling Bitcoin and buying silver. Since then the price of Bitcoin has fallen by over 10% (even after a 10% rally from the low), and silver is up 3.8%, its biggest two-day gain in two years. Coincidence?
— Peter Schiff (@PeterSchiff) July 17, 2019
A closer look at the charts, however, suggests that Schiff might be full of hot air.
While there are individuals who can certainly move markets simply by the power of their words (think the Federal Reserve Chairman), this was clearly not the case since the prices of the two assets were already trending in the respective directions.
Schiff’s YouTube Bitcoin challenge was held on Monday at 9 pm ET, by which time the cryptocurrency had already fallen below the key $10,000 psychological level.