Bitcoin Investors Should Sell Now, Warns Peter Schiff, Calls Out Wikipedia For ‘Defamatory’ Claims
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Bitcoin critic Peter Schiff is at it again.
Key Takeaways
Schiff urges Bitcoin holders to sell above $90,000.
Economist remains bullish on precious metals despite volatility.
Schiff accused Wikipedia of publishing false and defamatory claims on his biography page.
Veteran gold advocate and longtime crypto critic Peter Schiff urged investors to sell Bitcoin as it climbed back above $90,000 on Monday, arguing the rally offered another opportunity to exit the market.
The comments followed a public accusation by the economist that Wikipedia was publishing “false and defamatory” statements about him.
Schiff made the heavy claims that Wikipedia’s editors “cover up government crimes” and spread “false information to advance a radical left-wing agenda.”
On Monday, Schiff took to X to once again urge anyone holding Bitcoin to sell, despite the market’s price jumping above $90,000.
“Bitcoin is back above $90,000. Another opportunity to sell,” Schiff wrote, reiterating his long-held view that BTC lacks intrinsic value.
Responding to a user who argued that Bitcoin and Gold represent the same macro trade, Schiff pushed back, saying the two assets behave very differently.
“Actually they are the opposite trade,” he wrote, adding that the correlation between gold and Bitcoin is negative.
Schiff also used the holiday period to restate his bearish stance.
On Boxing Day, he wrote: “Merry Christmas, HODLers. Santa gave you guys a Christmas gift after all—a Bitcoin rally to sell into.”
Schiff has repeatedly pushed his belief that Gold and Silver are real stores of value, while Bitcoin and other cryptocurrencies are nothing more than a “ponzi scheme.”
As always, Schiff continued his bullish rhetoric around precious metals.
On Sunday, Dec. 28, silver’s price per ounce hit $84, representing a 170% increase year-to-date.
As a result, the precious metal market cap surged above that of NVIDIA, becoming the second most valuable asset in the world behind gold.
“Well that didn’t take long,” Schiff wrote after a sharp drop in silver prices on Monday.
As prices continued to slide, Schiff updated his view again, suggesting silver was approaching potential support levels.
He later added that despite its recent volatility, silver had found its stable recovery section.
“This historic bull market still has a long way to run,” he wrote.
Despite the sell-off, some analysts say silver’s broader technical structure remains intact.
Victor Olanrewaju, a market analyst at CCN, said silver has posted its first weekly decline in more than two months but has yet to show signs of a full trend reversal.
“From a technical standpoint, silver has printed its first weekly red candle since Oct. 20,” Olanrewaju said. “Nevertheless, the broader bullish structure has yet to be broken.”
In a separate thread, Schiff accused Wikipedia and its editors of refusing to correct what he described as false and damaging claims on his biography page.
“Wikipedia continues to make false and defamatory claims about me,” Schiff wrote.
He said the site implied that a bank associated with him was shut down for tax evasion and money laundering, claims he said were untrue.
Schiff also disputed statements that he personally paid a $300,000 fine and that his defamation lawsuit against Australian media outlets The Age and 60 Minutes was settled.
Schiff made some bold claims against Wikipedia. | Source: X
“That is also false,” Schiff wrote. “It was not settled. I won.”
The mogul claimed that no evidence of tax evasion or money laundering was ever found and that no criminal charges were filed against any bank customers or employees.
He accused Wikipedia of ideological bias, saying its editors were “run by socialists who want to discredit anyone who advocates for free markets,” and alleged the platform spreads false information to advance a left-wing agenda.
Wikipedia did not immediately respond to a request for comment.
Bitcoin rose more than 2% over the past 24 hours, climbing back above the $90,000 level after falling nearly 20% over the previous two months, according to market data.
Analysts said the rebound was supported by a mix of geopolitical uncertainty and increased activity in crypto derivatives markets.
Rising oil prices linked to tensions in Eastern Europe have also fed into inflation concerns, while funding rates in Bitcoin futures markets have climbed to multi-month highs.
Despite the recovery, some market participants remain cautious.
Institutional flows into spot Bitcoin exchange-traded funds have weakened in recent weeks, and analysts warned that elevated leverage could leave prices vulnerable to renewed volatility if Bitcoin fails to hold above key technical levels.
