This Goldbug Boasts That HE Caused the Bitcoin Price Crash

Mark Emem
Goldbug Peter Schiff boasts that he triggered the Bitcoin price's recent plunge when he told his followers to buy silver. | Source: REUTERS / Lucas Jackson

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.


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.

bitcoin price vs silver price

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.

Read the full story on CCN.com.