By Darren Parkin
Bitcoin naysayer Peter Schiff has been urging investors to abandon what he describes as a sinking ship before it’s too late.
The 59-year-old stockbroker – a long-term critic of cryptocurrency – regularly rips into digital assets, often branding them as scams and Ponzi schemes.
Earlier today he vented on social media to warn people believing they were buying the bottom around $20,000 for Bitcoin that they were being lured into a trap.
“Markets rarely give investors much time to buy the bottom,” he warned.
“Bitcoin has been trading near $20K for the past 12 days. More likely, $20k will prove to be a false bottom, giving suckers plenty of time to climb aboard a sinking ship.
“Better to abandon ship before the bottom drops out.”
The digital asset doubter’s latest cynicism flies in the face of many experienced cryptocurrency analysts who believe the current price of Bitcoin is levelling off following an extended downward period. Several high-profile investors have claimed strongly that BTC should cycle back up before the end of the year.
Bitcoin is currently undulating across a fairly flat line just below the $20,000 where it has remained for much of the last week.
READ MORE: Are we on the cusp of the next bull run?
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