Peter Schiff is a crypto pessimist who derives pleasure in making negative remarks about the cryptocurrency market on Twitter despite being a high staker in gold investment. There are many Peter Schiffs out there who do nothing other than bash crypto markets to promote other investments not relating to cryptocurrencies.
Bitcoin is currently the number one choice for investors wishing to store wealth and get high returns on investment, thereby threatening gold and other forex investments. It is the most valuable soft currency worldwide; hence, the need for Peter Schiff to urge his followers on Twitter to focus more on gold is well understood.
Notwithstanding, a handful of Peter’s followers are benefitting from BTC, ignoring his constant negative remarks. One of his followers is Sam Baker, who created an algorithm he uses when trading Bitcoin. Sam bought Bitcoin each time Peter tweeted negatively about Bitcoin; his results were startling when he posted them on Twitter.
Surprisingly, Peter’s endless criticism about Bitcoin on Twitter has a positive effect on Sam’s strategy. Every time there is a tweet from Peter Schiff promoting gold investment and downgrading Bitcoin investments, Sam Baker sold Bitcoin to follow up the tweet three days later.
Sam posted on Twitter that he started running this setup in the month of May in 2020 and has completed about 203 transactions, of which he made a profit amounting to 65% with a margin of 3%. Return on investment of roughly 1000% has been achieved by this algorithm so far. Sam Baker used anti-Bitcoin posts from Peter Schiff to make excess profit from trading the leading cryptocurrency. Based on Sam’s strategy, some Twitter followers of Peter are there to make a profit from his post using this strategy but not necessarily there to support what Peter Schiff has to say on Twitter.
Peter Schiff Assumes The Strategy Succeeded By Chance
Though Peter doesn’t admit defeat after noticing Sam’s perfect strategy, he commented on Sam’s tweet, saying this is a good reason to buy Bitcoin, even though his comment is contrary to what it is intended to portray. His son, Spencer Schiff, also criticized him because of his anti-Bitcoin tweets, stating that Peter’s understanding of investment is totally wrong.
With this comment from his son, Peter’s Twitter followers think he might have adopted his son, or there must be some misunderstanding between both of them. But Peter told his followers to follow his son only when he is right about the financial markets.