Crypto opponents have long become common and expected “noises” thundering in the darkness. In fact, most of these crypto and Bitcoin bashers only do so to shore up their own investments in other assets. One of them is Peter Schiff who happens to be a big stakeholder in propping Gold.
With Bitcoin currently posing a serious threat to Gold as the de facto choice for the store of wealth, it’s clearly understandable that Peter would want to make it as unappealing as possible for his Twitter followers to buy Bitcoin while making Gold look great.
However, it appears that some of his followers might as well be using his own anti-BTC sentiments to profit from the trade. Apparently, someone noticed this trend and came up with a Bitcoin trading algorithm that bought some BTC every time the gold bug tweeted. The man, named Sam Baker, shared his results in a recent Twitter post.
1000% In Returns
It turns out that Peter Schiff’s Twitter posts have actually worked in memento, despite his endless anti-bitcoin jabs. After every purchase made right after Peter’s tweets, Sam’s algorithm would wait for 72 hours before initiating a sale transaction.
According to the tweet by Sam, this setup has been running since May 2020, with around 203 trades completed. Interestingly, 65% of these trades have been profitable with a 3% margin. Up to now, the algorithm has achieved an estimated 1,000% ROI (Return On Investment). Basically, Peter Schiff’s anti-Bitcoin tweets have been used by this guy to earn profits from the same Bitcoin.
Peter Thinks It’s A Good Strategy
Even more interesting is the fact that Peter had to notice Sam’s brilliant trading strategy. He replied to the tweet, referring to the strategy as “good a reason as any to buy Bitcoin.” Peter doesn’t like admitting defeat, though. His comment doesn’t seem to do that exactly.
Author: Nick James