Bitcoin whales fattens on small bitcoin holders - Peter Schiff
- Large investors tend to earn money on price decreases at the expense of small holders.
- Bitcoin stays above $9,000, though the bearish pressure is growing.
A famous financial expert and vocal bitcoin critic Peter Schiff think that large holders of cryptocurrency increase their digital wealth while small investors have to hold their coins in the hope that the price will grow in future.
"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!"he wrote in his Twitter account.
This post garnered lots of critical comments from cryptocurrency supporters. Some of them pointed put that Schiff expressed similar views when bitcoin cost $15.
Meanwhile, Gabor Gurbacs, a digital strategist at VanEck noted that the same was true for any other asset class.
Earlier this month Peter Schiff explained why bitcoin price might collapse to $2,000. This happened right before the digital asset gained over 42% in less than 24 hours.
At the time of writing, BTC/USD is changing hands at $9,097. The first digital coin touched the area below critical $9,000 on Wednesday but managed to recover swiftly. A sustainable move below this handle will worsen the short-term technical picture and lead to an extended sell-off.
Author
Tanya Abrosimova
Independent Analyst
