Economist and Gold Bug’s Peter Schiff explained why Bitcoin and gold are on the rise this year. “They are going up for the opposite reason,” he said, arguing that gold prices are rising because investors see the metal as a hedge against inflation and a weaker dollar.
Peter Schiff Explains Why Bitcoin And Gold Are Rising
The Gold Bug economist Peter Schiff shared his view on why bitcoin and gold are rising this year. Founder and current Chairman. He has long been a bitcoin skeptic, regularly bashing crypto while pitching gold. He tweeted on Monday:
Both gold and bitcoin are on the rise in 2023, but for opposite reasons.
“Bitcoin rises along with other risky assets as speculators bet that the Fed pivot will trigger a recovery of the biggest losers in 2022 while gold rises as a hedge against inflation and a weaker dollar. We do,” the economist detailed.
Many people on Twitter disagreed with Schiff, replying to his tweet that gold is not a good hedge against inflation. I was.
Unlike Schiff, some believe that Bitcoin is a better hedge against inflation than gold. Venture capitalist Tim Draper, for example, has repeatedly said he is bullish on Bitcoin due to its properties as an inflation hedge. Billionaire hedge fund manager Paul Tudor Jones also said he prefers bitcoin to gold, expecting the price of bitcoin to be “much higher.”
Bitcoin has outperformed gold since Schiff’s sell recommendation
Many people on Twitter also pointed out that Bitcoin has significantly outperformed gold, highlighting that BTC’s price has risen significantly since the gold bug’s sell recommendation.December 2018, Bit When the coin price was around $3,000, Schiff warned “There’s not a lot of air coming out of this bubble yet.”
Bitcoin advocate Peter McCormack has commented on Schiff’s Jan. 12 tweet telling investors to sell Bitcoin for $18,000. murmured Sunday:
Bitcoin is up about 27% since Peter Schiff advised to sell it. Gold is different.
While acknowledging that the price of bitcoin rose after telling people to throw it away, Schiff warned people to sell bitcoin when the price was well above $60,000. claimed to have advised As of this writing, Bitcoin is trading at $22,838.33, up about 35% over the past 30 days, while gold futures and spot prices are up about 7% over the same period.
Do you agree with Peter Schiff on why Bitcoin and gold are on the rise this year? Let us know in the comments section below.
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