Gold Bug: Bitcoin Price Upsurge to $9,400 is a Fake Pump And Manipulated

Gold bug Peter Schiff continues his relentless attack on Bitcoin, claiming that price manipulation, not legitimate demand, was the real reason for the recent pump.However, community advocate, Jimmy Song, in a heated Twitter exchange, shuts Schiff down by accusing him of bitterness, having passed up on the opportunity of being an early adopter.Whenever Bitcoin price goes up, Peter comes up with yet another excuse why it’s not real demand. The mental gymnastics on this guy is unbelievable.But then again, who can blame him? He knew about Bitcoin early and didn’t buy. #BitcoinDerangementSyndrome. https://t.co/2E6SzbLGTT— Jimmy Song (송재준) (@jimmysong) January 29, 2020Bitcoin Continues To Outperform GoldToday, Bitcoin has taken a slight dip following Tuesday’s momentous rally which saw a pump to $9.4k. As of now, the number one cryptocurrency by market cap is sitting pretty at $9,333, having found support at $9,150.Additionally, bulls can take comfort from the healthy gap between the 200-day moving average, which indicates that the long term trend has not reversed.Bitcoin/USD Daily ChartBitcoin/USD daily chart with the 200-day moving average. (Source: tradingview.com)All in all, this means Bitcoin is up 30% since the start of the year. In comparison, gold is up a modest 4% over the same period. It’s currently priced at $1,579 per oz.The price of gold since Jan 2020. (Source: bullionvault.com)Gold Bug Starts War of WordsDespite that, gold bug Peter Schiff remains adamant that Bitcoin is a poor investment choice. Taking to Twitter, Schiff disputes the claim that Bitcoin can act as a safe haven asset. While attributing its recent run of form to price manipulation.Whenever there’s actual safe haven demand, Bitcoin pumpers manipulate the price higher to attract buyers, driving the false narrative that #Bitcoin is a safe haven too. Buyers speculate that others will buy Bitcoin as a safe haven, but none do. There’s nothing safe about Bitcoin.”

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