Peter Schiff Urges Investors to Sell Bitcoin Amidst $19,000 Price

Joshua Ramos
economist peter schiff
Source: NewsBTC

The world’s most popular cryptocurrency is on a high to start the new year, but one of the biggest gold bugs in the industry is championing its high as a chance to get out. Peter Schiff has taken to Twitter to urge investors to sell Bitcoin amidst its rising $19,000 price.

BTC has seen nine consecutive weeks on the rise, its most since the pandemic-riddled 2020. Most have seen this as an excellent sign for the digital asset market, and see it as the coin’s return to prominence following a disastrous 2022. Schiff, however, is calling it “…an even better opportunity to sell.”

Schiff Pushes Gold Amidst BTC Rally

2022 will forever be marked as a tumultuous year for the cryptocurrency sector. Prices plummeted due to macroeconomic circumstances, and the bankruptcies of some of the biggest platforms were common headlines. Bitcoin itself, once perceived as untouchable in mainstream media, was seeing its value diminish.

That narrative has taken a back seat for the start of 2023, however, as BTC has returned to a plus $18,000 price. The bullish sign has been a point of optimism for many in the space, coinciding with news of lowering inflation rates in the US. Conversely, noted gold bug Peter Schiff has urged investors to sell Bitcoin.

Gold Advocate Peter Schiff Predicts Bitcoin to $20,000 and Ethereum to $1,000
Source: Coingape

In a series of Tweets, Schiff has discussed why Bitcoin holders should take the current high as a chance to sell their assets. Stating clearly that the digital asset is currently above $19,000. A price that is in a better opportunity to be sold than he had previously recommended.

Earlier today, Schiff stated that its price, then above $18,000, was “its highest in 3 weeks,” in a tweet. Adding that investors should sell, “ahead of the release of the Dec #CPI.” Referring to the numbers that would divulge the American inflation rate.

Source: IG

Schiff added that “#Gold is only up $10, trading at an 8-month high. While Bitcoin has already broken down, gold has broken out.” Conclusively, stating, “Time to drop Bitcoin.” Interestingly, Schiff gives no real data analysis as to why this recent rally indicates a strategic sale opportunity.

Contrarily, with the CPI citing a decrease in inflation from its November 7.1% number to 6.5% in December, it seems ill-advised to rush a sale of digital assets during the start of an optimistic period. Well, it isn’t ill-advised if you have an agenda, I suppose.