Bitcoin OG's selling to 'weak' hands will deepen selloffs: Peter Schiff

A lack of conviction among "weak" hands will cause new Bitcoin holders to dump at the first sign of trouble, worsening market drawdowns.

The transfer of Bitcoin (BTC) from long-term holders, also known as “OGs,” to “weak” hands will cause future drawdowns to be more severe, according to gold investor and economist Peter Schiff.

Bitcoin is “finally having its IPO moment,” Schiff said on Saturday, adding that there is now enough liquidity in the Bitcoin market for long-term holders to cash out. 

“This much Bitcoin moving from strong to weak hands not only increases the float, but also means future selloffs will be bigger,” Schiff added.

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