Altcoin News: Peter Schiff: The Chinese Aren’t Buying Bitcoin as a Safe Haven

August 5, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

A well-known gold investor and cryptocurrency critic Peter Schiff in his Twitter decided to refute the theory that the collapse of the yuan could be the cause of today’s Bitcoin growth.

“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!” writes Schiff.

Previously, some commentators really paid attention to the fact that the rise of Bitcoin began before the fall of the yuan.

“Did $BTC front run the central bank’s decision?” analyst Alex Kruger wonders.

Schiff, in his tirade, also mentioned CNBC, which, in his opinion, is trying to persuade the audience to buy Bitcoin.

“CNBC is trying its best to dupe its audience into buying Bitcoin. Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin,” he wrote.

Last week, Schiff admitted that he regretted that he did not buy Bitcoins earlier when their value was about $10.

Author: Marko Vidrih