Gold Beetle and resident crypto critic Peter Schiff says the rally bitcoins was triggered by the actions of whale investors, not the market, in response to China's approval of the blockchain.
In a series of tweets published on October 28, Schiff challenged the idea that cryptocurrencies are pulling positive news from China.
Schiff argued that the sudden jump in bitcoin prices last week "had" nothing to do with China, but was the result of market manipulation by whale investors. He went on to explain the price movement as a result of a "technically weak market" that he predicted would be added at higher prices for BTC.
Bitcoin's recent sharp rally likely had nothing to do with China, or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more # Bitcoin at higher prices.
- Peter Schiff (@PeterSchiff) October 28, 2019
When a Twitter user controlled the quick return on investment in cryptocurrencies compared to the gold markets, Schiff replied that most investors are likely to do nothing out of the recent bull rally.
Congratulations. I assume you bought in that morning just before the rise, then sold all your coins right at the peak price! If not, then you did not make 40%. In fact, you will likely make nothing at all.
- Peter Schiff (@PeterSchiff) October 28, 2019
Historically Schiff has supported gold and precious metals by criticizing bitcoin for lack of intrinsic value.