Bitcoin Investors Should Sell Now, Warns Peter Schiff, Sues Wikipedia for ‘Defamatory’ Claims

Key takeaways

• Schiff urges Bitcoin holders to sell above $90,000.

• The economist remains bullish on precious metals despite the volatility.

• Schiff accused Wikipedia of publishing false and defamatory statements on his biography page.

Veteran gold advocate and longtime cryptocurrency critic Peter Schiff urged investors to sell Bitcoin as it climbed back above $90,000 on Monday, arguing that 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 strong claims that Wikipedia editors “cover up government crimes” and spread “false information to promote a radical left-wing agenda.”

On Monday, Schiff took to X to once again urge anyone holding Bitcoin to sell, despite the market 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.

In response to a user who argued that Bitcoin and Gold represent the same macro trade, Schiff responded by saying that the two assets behave very differently.

“They are actually the opposite trade,” he wrote, adding that the correlation between gold and Bitcoin is negative.

Schiff also took advantage of the holiday period to reaffirm his bearish stance.

On Boxing Day, he wrote: “Merry Christmas, HODLers. After all, Santa gave you a Christmas present: a Bitcoin rally to sell.”

Schiff has repeatedly defended his belief that gold and silver are true 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, December 28, the price of silver per ounce reached $84, representing a 170% increase so far this year.

As a result, the market capitalization of precious metals surpassed 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 fall, Schiff updated his opinion again, suggesting that 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 go,” he wrote.

Despite the sell-off, some analysts say silver’s broader technical structure remains intact.

Victor Olanrewaju, market analyst at CCN, said silver recorded its first weekly decline in more than two months, but has yet to show signs of a complete trend reversal.

“From a technical point of view, silver has printed its first weekly red candle since October 20,” Olanrewaju said. “However, the broader bullish structure has not yet been broken.”

In a separate thread, Schiff accused Wikipedia and its editors of refusing to correct what he described as false and harmful 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 had been closed for tax evasion and money laundering, claims he said were false.

Schiff also disputed claims that he personally paid a $300,000 fine and that his defamation lawsuit against Australian media outlets The Age and 60 Minutes was settled.

“That is also false,” Schiff wrote. “It wasn’t resolved. I won.”

The tycoon stated that no evidence of tax evasion or money laundering was ever found and that no criminal charges were brought against any client or employee of the bank.

He accused Wikipedia of ideological bias, saying its editors were “run by socialists who want to discredit anyone who defends the free market” and alleged that the platform spreads false information to promote a left-wing agenda.

Wikipedia did not immediately respond to a request for comment.

Bitcoin is up more than 2% in the last 24 hours, breaking back above the $90,000 level after falling nearly 20% in the previous two months, according to market data.

Analysts said the rally was supported by a combination of geopolitical uncertainty and increased activity in crypto derivatives markets.

Rising oil prices linked to tensions in Eastern Europe have also fueled concerns about inflation, while funding rates in Bitcoin futures markets have risen to multi-month highs.

Despite the recovery, some market participants remain cautious.

Institutional flows into Bitcoin exchange-traded funds have weakened in recent weeks, with analysts warning that elevated leverage could leave prices vulnerable to fresh volatility if Bitcoin fails to stay above key technical levels.

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