Peter Schiff Tells Michael Saylor to Sell His Bitcoin Before It Collapses to a Very Low Level

Peter Schiff is a popular Bitcoin critic, and he never misses a chance to criticize Bitcoin investors and Bitcoin technology.

Bitcoin critic Peter Schiff suggested that Michael Saylor sell his company’s Bitcoin holdings to realize the actual profit from the investment, instead of focusing on paper-based profits (unrealized profit). Schiff advised Saylor to sell Bitcoin before it collapses to a very low level.

On 7 Sep, when the trade price of Bitcoin crashed by 4.5% and hit $52,500, Michael Saylor, the founder & former CEO of Bitcoin bull firm MicroStrategy, advised people not to sell Bitcoin.

You do not sell your #Bitcoin.

In response, Schiff suggested Saylor sell Bitcoin to realize actual profit from the investment. Schiff advised Saylor to sell Bitcoin before it collapses to a very low level.

If you don't mind watching your paper profits vanish than don't sell your Bitcoin. That makes it easier for those who want to realize their gains to cash out before they are gone.

In another argument, Schiff claimed that he will become wealthier than Saylor in the long term because he holds gold, not Bitcoin.

He won't be richer than me for long.

Bitcoin Price

As we know, in the late evening of 6 Sep, the US authority announced unemployment rate data, which was not as favorable as expected, further creating a very bearish sentiment for the volatile market.

Under high bearish sentiment, the trade price of Bitcoin crashed to the $52.3k level. The current trade price of Bitcoin is $53,845. Some experts believe that this is the bottom and no more correction will be observed for now.

Current trade price of #Bitcoin is $53,786, seems bottom is here pic.twitter.com/Nn6J4ctalI

Read also: Despite Correction Below $54k level, 5 Major Bullish Sentiments Fueling Bitcoin Toward $70k Level

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