Schiff stated that the main reason for raising prices was whales. Bitcoin has managed to go above $ 9,500 as of the press hour, and this rise has occurred unexpectedly, just like the drop last week. While the rise of the leading cryptocurrency is a question mark in the minds, the famous Bitcoin critic and gold investor Peter Schiff seems to have found the answer to these questions.
Whales Raise Bitcoin Price
In a statement on Twitter, Schiff explained the reason for the price increase of BTC even after a giant institution like Goldman Sachs made a hard statement unexpectedly by Bitcoin investors. According to Schiff, the main reason for this is the manipulation of whales to prevent the price from falling after such a bad event.
Implying that the “Big Fool” theory continues and BTC is based on this, Schiff implies that whales are having trouble finding a bigger fool, that is, they have trouble selling their BTCs. Despite this, when looking at the commercial volume of Bitcoin, it is seen that it is constantly increasing and in fact, the acceptance of BTC and its usage are progressing compared to the past.
The fact that 60% of the total amount of BTC in the circulation has not been moved for as long as 1 year shows that whales are not selling what they have, but vice versa.
Probably due to whales like you manipulating the price higher to downplay the significance of the bad news. The supply of greater fools is running low, and is unlikely to include enough institutional investors to keep the pyramid scheme going.
— Peter Schiff (@PeterSchiff) May 30, 2020
Schiff continues to criticize BTC again and seems to do even more….