For anyone with no interest in bitcoin, Peter Schiff has a funny way of doing it. When prices for leading digital assets plummet today, Gold’s mistake has once again said that such moves are a narrative of the “pump and dump” on the market.
Schiff seems to think that there is only one serious form of money on the planet. Despite its resemblance to gold monetary policy, the billionaire investor remains unhappy with Bitcoin.
Bitcoin Price Plummets, Schiff Crys “Pump and Dump”
In the past two hours, bitcoin and other digital assets have poured billions of dollars out of their market capitalization. Early responses to the sudden crash have fueled rumors of Shanghai financial offices having given rise to a possible reason for unexpected sales pressure.
Similarly, Wei Zhou, chief financial officer of Binance, argues that these rumors are unfounded, as there are no Binance offices in Shanghai. However, China is currently known to have blocked cryptocurrency firms and stakeholders. Industry representatives involved in the industry were instructed to report their activities to the National Bank of the country. It is quite possible that the original report may have misinterpreted the raid against Binance offices, but it may have closed down some other crypto firms or partnerships. Exact news from China is usually more dangerous than torrents, with investors not guessing what actually happened.