Schiff Has Harsh Words on BTC Due to Fed Rate Cuts & Coronavirus

• Once again, bitcoin has been slated by the CEO of Euro Pacific Capital, Peter Schiff. 
• Many people in the industry believe that bitcoin is on the verge of making a brilliant rally.
• However, Schiff is a firm believer that the leading cryptocurrency is going to go the other way...

Once again, bitcoin has been slated by the CEO of Euro Pacific Capital, Peter Schiff. In today’s rant, the best thing for Bitcoin holders to do is to abandon their positions and sell off (according to him). Many people in the industry believe that bitcoin is on the verge of making a brilliant rally however, Schiff is a firm believer that the leading cryptocurrency is going to go the other way.

The United States Federal Reserve announced this week a 50 basis points emergency rate cut. This was the first time an emergency/interest rates was announced since the financial crisis of 2008. This was a move made in order in a response to the outbreak of the coronavirus.

According to Schiff though, the uncertainty and volatility that is presented in cryptocurrency should be enough to cause the currency to surge in price. Because bitcoin didn’t make any significant movements, he believes that holding onto such an asset is essentially pointless.

If @Bitcoin can't rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally? If Bitcoin won't go up, why own it? The answer to that question is "sell." Look out below!

— Peter Schiff (@PeterSchiff) March 3, 2020

But in typical Twitter fashion, the words from space didn’t make an impact on the community.

Before we go any further finish though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

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