The economist Peter Schiff explains why Bitcoin and Gold have increased this year - they rise for opposite reasons - markets and prices
The economist Peter Schiff explains why Bitcoin and Gold have increased this year - they rise for opposite reasons - markets and prices
The economist and gold bug Peter Schiff explained why Bitcoin and Gold are increasing this year. "They rise for opposite reasons," he said, claiming that the gold price increases because investors look at the metal as security against inflation and a weaker dollar.
Peter Schiff explains why Bitcoin and Gold increase
The gold bug and economist Peter Schiff shared his view of why Bitcoin and Gold are increasing this year. Ship is the founder and current chairman of Schiffgold, a precious metal dealer who specializes in gold and silver bars. He has long been a Bitcoin skeptic who regularly takes crypto and at the same time advertises gold. He tweeted on Monday:
Both gold and Bitcoin rose in 2023, but they rise for opposite reasons.
"Gold increases as security against inflation and a weaker dollar, while Bitcoin is increasing together with other risky assets, since speculators bet that a pivot of the Fed will lead to a rally of the largest loser in 2022," explained the economist.
A number of people on Twitter contradicted the ship and replied to his tweet that gold was not a good security against inflation. Some people took the tweet of the gold beetle as a Bitcoin Signal.
In contrast to ship, some people believe that Bitcoin is better protection against inflation than gold. The risk capital provider Tim Draper, for example, has repeatedly said that he is opposed to Bitcoin as optimistic about his capacity one Inflation protection . The billion-dollar hedgefonds manager Paul Tudor Jones also said that he preferred Bitcoin to gold, and expects the price of Bitcoin be " much much higher . "
Bitcoin has exceeded gold since ship's sales recommendation
Many people on Twitter also pointed out that Bitcoin gold has clearly exceeded, and emphasized that the price of bitcoin Goldbugs rose significantly. In December 2018, when the Bitcoin price was around 3,000 US dollars, Schiff warned that "much more air has to come out of this bubble".
Commentary on Schiffs Tweet of January 12th, in which investors are asked to sell their bitcoin on the 18,000-dollar level Bitcoin supporter Peter McCormack Sunday:
Bitcoin has been about 27 % higher since Peter Schiff advised them to sell their Bitcoin. It is not gold.
Schiff admitted that the price of Bitcoin had risen since he said that they had to throw away their coins, but argued that he also advised people to sell their coins Bitcoin as the price was well over $ 60,000. At the time of writing this article, Bitcoin is traded at $ 22,838.33, which corresponds to an increase of about 35 % in the last 30 days, while both the gold futures and the spot prices have increased by about 7 % in the same period.
do you agree with Peter Schiff why Bitcoin and Gold are increasing this year? Let us know in the comment area below.
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