The Colombian President’s Advisor to Peter Schiff: Stop Talking and Short Bitcoin

Politicians based in Latin America continue to support bitcoin, with the latest example coming from the advisor of the Colombian President. Jehudi Castro Sierra, who has been a vocal Bitcoiner for a while, recently told permanent BTC basher Peter Schiff to short the asset and “shut up.”

Peter Schiff Being Peter Schiff

Anyone who is remotely interested in the cryptocurrency space knows about the hate-hate relationship between the community and Peter Schiff. The prominent economist and gold bug is among the most vocal Bitcoin critiques, with countless examples of going after the asset.

While he was untypically silent during the bull market in which the cryptocurrency was riding towards new highs monthly, he has resumed the bashing fest as BTC slipped by 50% from its mid-April peak.

In one of the recent examples, Schiff questioned MicroStrategy’s BTC endeavors as the NASDAQ-listed business intelligence giant plans to sell Senior Secured Notes to allocated another half a billion in bitcoin.


What gathered most people’s attention, though, was Schiff’s “objective look” at a long-term BTC chart, leading to “conclude that before Bitcoin can make a new high, the price will likely collapse near the yellow lines I’ve drawn.” For reference, these yellow lines are situated between $20,000 and $5,000.

While presenting yet another doomsday scenario to the BTC investors, Schiff ironically added, “have fun HODLing!”

Shut Up and Short BTC

During the years of constant bashing, Schiff has attracted the attention of the entire community. Numerous notable proponents have rushed to argue with the economist over the years with little-to-no effect on his conviction.

Interestingly, though, the latest to go against Schiff was the advisor of Colombia’s President – Jehudi Castro Sierra. He emphatically replied to Schiff’s tweet with “short it and stop talking.”

Castro Sierra has displayed his support towards the primary cryptocurrency for a while, including agreeing with Jack Dorsey’s views that BTC could ultimately make the world greener.

Interestingly, Bitcoin is continuously growing in acceptance in Latin America. Apart from other politicians expressing support as well, El Salvador officially made the asset a legal tender in the country – the first nation to do so.


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How Can Bitcoin Be A Safe-Haven Asset When It Is So Greatly Influenced by a Tweet, says Peter Schiff

Elon Musk, the Chief Executive Officer of Tesla, came under fire over the weekend when he revealed that the company had decided to stop accepting Bitcoin payments due the excessive energy consumption needed for Bitcoin mining.

The announcement triggered a massive drop in Bitcoin’s price, where the cryptocurrency went from a high of $57,939.36 to a low of $42,284.57 in a matter of 7 days. Based on recent trends, Bitcoin has now spent three months bouncing between $40,000 and the $60,000 psychological level.

Peter Schiff’s Criticism

While the entire crypto twitter was busy criticizing Elon Musk and Tesla for manipulating the market, Peter Schiff seized the opportunity to reiterate his thoughts on Bitcoin and the cryptocurrency ecosystem. The gold bull had long criticized crypto as being a bubble in general. This time, Schiff noted that the fact that one man and one tweet could wield such a massive influence on Bitcoin is an indication that buying Bitcoin consists more of a gamble. He said:

“If a single @elonmusk tweet can have so much influence over the price of #Bitcoin how can anyone seriously consider it to be money? How can Bitcoin be a safe-haven asset if a one-word tweet puts it at risk? It should be clear by now that buying Bitcoin is gambling, not investing.”

The unrelenting critic also noted that an “I told you so” moment will come as the price of Bitcoin still has a long way to fall.

Unique but with Obvious Flaws

Bitcoin proponents may oppose Peter Schiff and his unrelenting efforts to bash Bitcoin, however, many agree with him that despite the coin’s uniqueness, certain centralized factors can influence the price action of the nascent digital currency and asset class.

From the centralization of the mining activities in China, which affected the industry when the Xinjiang province got flooded, to the massive influence of Musk, there is a growing consensus among stakeholders that Bitcoin’s narrative still needs to change slightly to attain maturity. New players are encouraged to start Bitcoin mining, preferably using green energy, while many have brought up the issue of whether Elon Musk’s tweets can potentially be considered as market manipulation, seeing as Bitcoin is heavily impacted everytime the billionaire comments on it through Twitter.

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Peter Schiff Admits He Was Wrong About Bitcoin and Other Great Crypto April Fools’ Jokes of 2021

Bitcoin fans have a lot to celebrate these days. Apart from the skyrocketing price in recent months, the community saw several pro-bitcoin endorsements from (former?) critiques.

Peter Schiff finally admitted he was wrong, Anthony Sassano replaced his ETH holdings with BTC, and Litecoin rebranded its product to BitcoinLite.

And, all of these milestones, and more, happened on one particular day – April 1st.

Schiff Was Wrong about Bitcoin

There’s no other way to start this article, as the community finally saw what it dreaded for years. Ever since the renowned economist and popular gold bug, Peter Schiff, started bashing the first-ever cryptocurrency, which feels like an eternity now, all crypto proponents awaited this moment.

Yes, Peter Schiff admitted he was wrong about bitcoin. He didn’t specify precisely what he had in mind initially, as he has criticized the asset’s price, meaning, role, technology, and everything in between, but he just said, “I was wrong.”


Of course, it was an April Fools’ day joke, as he made sure to emphasize as well. Schiff later revealed what he really meant:

“I didn’t think that the bubble would get this big or that so many otherwise smart people would be foolish enough to buy it. So I was wrong about that, but right about everything else.”

Sassano Buys BTC; Litecoin Becomes BitcoinLite

Some of the other announcements that emerged yesterday and had BTC implications came from the so-called “silver to BTC’s gold” – Litecoin, and a popular Ethereum proponent and investor – Anthony Sassano.

He’s well-known within the community for his support for the project behind the second-largest cryptocurrency by market cap. As such, BTC fans were shocked to find out his declaration – “I just sold all of my ETH for BTC.”

Perhaps an even more surprising announcement came from Litecoin. The founder of the popular project outlined on Twitter the rebranding, which led to the new name – BitcoinLite. Fans were ecstatic.

Negative PCR Tests for BTC Purchases

Another significant development came from Hong Kong, as explained in this detailed blog post. It touched upon new guidelines introduced by the Securities and Futures Commission (SFC) that would massively affect BTC buyers.

“Starting immediately, licensed funds, exchanges, and institutional investors will need to submit a PCR test for the presence of SARS-CoV-2 less than 144 blocks old (6,500 blocks for prospective investors on the Ethereum blockchain.) Their funds will be quarantined at a designated financial institution for 21 days before they can be exchanged for bitcoin.”

Further discussions referred to BTC mixers, which have a somewhat negative reputation enabling users to mask their funds. However, the new guidelines could see those services becoming mandatory.

Dogecoin On the Moon

It wouldn’t be a proper April Fools’ day without the intervention of one of the most amusing and yet highly influential individuals in the social media space – Elon Musk. Tesla’s CEO, also known as arguably the biggest fan of the popular meme token Dogecoin, made a startling announcement regarding his favorite crypto coin.

Musk said that “SpaceX is going to put a literal Dogecoin on the literal moon.” As has happened with some of his previous announcements regarding DOGE, the asset price jumped immediately by about 10%.

It’s worth noting that there could be more to the story with Musk. As mentioned above, he’s known for his jokes, so he could be trolling the April Fools’ Day initiatives. Furthermore, he could be trolling the trolling of the trolling of April Fools’ Day, meaning that his troll was actually a real troll. But with Musk, one never knows.

Final Words

These were some of the jokes that emerged yesterday in the online space that had connections to the cryptocurrency industry. The mandatory disclaimer here indicates that all aforementioned topics were (presumably) intended in a humoristic way.

Last but not least, we also had a bit of fun yesterday. We did publish an article about us planning to issue an NFT on Cardano. It was a joke, but who knows? Maybe we will?


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Peter Schiff Finally Loses Bitcoin Battle as Son Goes All-in on BTC

Peter Schiff has revealed via Twitter on March 10, 2021, that his son, Spencer Schiff, has dumped his entire gold and other investment portfolios for bitcoin (BTC). The longstanding bitcoin critic says he plans to disinherit his son.

Spencer Schiff Buys More Bitcoin 

In a rather interesting development, gold bug Peter Schiff, the 57-year-old CEO and chief global strategist of Euro Pacific Capital Inc., a Connecticut-based broker-dealer, has revealed that his son’s investment portfolio now holds only bitcoin (BTC).

It will be recalled that in August 2020, Spencer Schiff, whose major interests include libertarianism, and anarcho-capitalism, among others, hinted on Twitter that bitcoin only occupies a tiny fraction ($450) of his portfolio, with a large chunk of his funds heavily invested in gold stocks.

However, fast-forward to March 2021 and Spencer’s portfolio has changed entirely, as he has now abandoned his father’s longstanding gold legacy to join the bitcoin bandwagon to the moon, alongside the Elon Musks and Michael Saylors of this world.

Peter Schiff Threatens to Disinherit Son 

Interestingly, instead of commending his son for “buying the dip,” and holding only the “fastest horse” in the world of finance in his portfolio, Peter Schiff has threatened to disinherit his son, just in case his (Spencer’s) bitcoin move fails.

Peter Schiff tweeted:

“My son @SpencerKSchiff went all-in on #Bitcoin on the last drop below $50k. 100%of his portfolio is now in Bitcoin. He sold the last of his #silver stocks to raise the cash. If my own son is this brainwashed imaging how vulnerable most kids are. He’s HODling to infinity or bust.”

According to data available on Google Finance, The price of bitcoin is up by 18 percent this month and a massive 614.76 percent in the past year. Despite this impressive bull run, Peter Schiff still sees nothing good in Satoshi Nakamoto’s revolutionary creation.

As reported by BTCManager, earlier in January 2020, when the price of bitcoin was hovering around the $8k region, Schiff stated categorically that only early adopters of bitcoin will enjoy profits, leaving those who bought at that time to suffer huge losses.

“The fact that the price of bitcoin went up in the past does not qualify it as money and it has nothing to do with my analysis. I concede that many people who bought bitcoin in the past and sell it now will profit. But those who buy now and hold will suffer a loss,” he declared at the time.

With bitcoin now trading at $56,632, with a market cap of over $1 trillion, it remains to be seen whether Peter Schiff’s doomsday predictions will ever come to pass.

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Peter Schiff’s Son Goes All-In on Bitcoin: He’s HODLING to Infinity or Bust

Peter Schiff tweeted today that his son, Spencer Schiff, went all-in on Bitcoin during the last drop below $50,000. According to his father, a full 100% of his portfolio is now invested in Bitcoin. The elder Schiff has been a long-time Bitcoin detractor. However, his child’s interest in cryptocurrencies may expose him to some new ideas.

Selling Silver For Bitcoin

Many long-time followers of the cryptocurrency industry know Peter Schiff as a public Bitcoin bear, consistently in the news talking about it and other digital currencies in a generally negative light. Even as recently as December 2020, Schiff made the news trying to explain the decline in cryptocurrency prices. However, he admitted he had “got it wrong” about Bitcoin once it had hit the price of $50k per coin.

Schiff this week announced on Twitter that his son had gone “all in” on Bitcoin, having sold the last of his silver shares to do so. Additionally, Jack Dorsey followed the younger Schiff on the social media platform soon after announcing his Bitcoin investment (although his father seems to be a bit jealous based on some subsequent tweets).

Old Money Versus Digital Money

Peter Schiff is a stockbroker who has considerable material interests in the traditional financial system. That being said, there is no wonder that he has held such a negative view of Bitcoin and cryptocurrencies in general for all these years. However, the recent months have seen a swath of various companies and financial institutions buying Bitcoin. Meanwhile, the price has jumped to all-time highs of more than $58k


Spencer Schiff’s Twitter is full of posts talking about the US Federal Reserve’s balance sheet and how it’s risen during the COVID-19 pandemic and the subsequent economic recession. The fact that Bitcoin has a limited supply seems to be a characteristic that has caught the eye of Schiff junior.


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Peter Schiff’s son moves 100% of his portfolio into Bitcoin

Spencer Schiff, the son of gold bug and major Bitcoin (BTC) critic Peter Schiff, seems to have decided to move all his portfolio investments into one single asset, Bitcoin.

“My son went all in on Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin,” gold bug Schiff announced Wednesday on Twitter. The famous Bitcoin skeptic specified that his son sold the last of his silver stocks for cash.

Schiff went on to express concerns over the investment choices of the younger generation, stating, “If my own son is this brainwashed imagine how vulnerable most kids are. He’s HODLing to infinity or bust.” 

The crypto community has widely welcomed the announcement, with many people expressing confidence that the 100% Bitcoin investment will make Schiff’s son richer than him. “At least someone in your family is growing their wealth this year,” Morgan Creek Digital’s co-founder Anthony Pompliano subsequently wrote.

In response, Schiff said, “I need to disinherit him. Otherwise he will squander my hard earned wealth on more Bitcoin.” Schiff also emphasized that his own portfolio is not limited to gold, and the “vast majority” of it comprises equities.

Despite Schiff’s criticism of his son’s decision to go 100% Bitcoin, Schiff himself apparently played a big role in this decision. Apart from regularly tweeting about Bitcoin, Schiff was the one who initiated the idea of Bitcoin birthday gifts for his son on Twitter in 2020. Schiff subsequently insisted that his son was investing in Bitcoin “against his advice.”

A vocal Bitcoin critic, Schiff claimed in 2019 that Bitcoin would have never hit $50,000. Following Bitcoin’s rally up to $57,000 in February 2021, Schiff admitted that a move up to $100,000 “can’t be ruled out either.”