Bitcoin (BTC) has reached a very low price just in time when gold, according to Peter Schiff, gets the most ugly with it, and supporters remind him of his mistake.
When he tweeted a popular Twitter post that Schiff posted in mid-March, the popular CryptoBull trader indicated that he had incorrectly described Bitcoin as not a top, but a bottom.
Schiff’s tweet “points exactly down” for Bitcoin
Schiff complained that he had lost access to the bitcoin wallet, but soon it no longer mattered because bitcoin / dollar would continue to decline.
The tweet reads: “When Bitcoin falls below $ 4000, I do not feel bad about losing all Bitcoins.”
“At such a rate that the lost Bitcoins soon lose value, the difference between owning Bitcoins and not having Bitcoins will be so small that it does not matter.”
At the time, bitcoin was trading close to the 2020 level of $ 3600. On Tuesday, eight months later, CryptoBull saved no words when the original reached $ 17,000.
And he wrote: “This tweet specified exactly the lowest or maximum possible point.”
Bitcoin has surpassed gold significantly in the last month, and the difference between the two assets is becoming more and more apparent.
The supply gap is widening
Bitcoin is up 375% from top Schiff at the time of publication, and is challenging its full time since 2017 amid new expectations that it will continue to rise accordingly.
“A month ago, Bitcoin was worth $ 11,400, and miners sold on stock exchanges an average of 11 BTC per hour” – explained statistician Willie Wu about the current structure of the market, which contributes to growth.
For comparison: 214 Bitcoins per hour were bought from exchanges. These are pure streams of buyers rather than sellers. The average weekly rate is 328 BTC per hour. ”
As reported by Cointelegraph, the simple supply and demand equation provides unique fuel for Bitcoin’s gradual growth thanks to corporate demand from PayPal, Square and investment giant Grayscale.
Paxful, payment processor for cryptocurrency PayPal, saw a 500% increase in sales in the last month.