NEWSLETTER
Gold expert and economist Peter Schiff has explained why bitcoin and gold are rising this year. “They’re going up for opposite reasons,” he said, saying the price of gold is going up because investors see the metal as a hedge against inflation and a weaker dollar.
Peter Schiff explains why Bitcoin and gold are rising
Economist and gold lover Peter Schiff has shared his view on why Bitcoin and gold are going up this year. Schiff is the founder and current Chairman of Schiffgold, a precious metals dealer specializing in gold and silver bullion. He has long been a bitcoin skeptic, regularly criticizing crypto while promoting gold. He tweeted on Monday:
Both gold and bitcoin rise in 2023, but they do so for opposite reasons.
Gold is rising as a hedge against inflation and a weaker dollar, while bitcoin is rising with other risky assets as speculators bet a Fed twist will spark a rally in the biggest losers of 2022. the Economist.
Several people on Twitter disagreed with Schiff, responding to his tweet that gold is not a good inflation hedge. Some people took the golden bug tweet as a BTC buy signal.
Unlike Schiff, some people believe that Bitcoin is a better hedge against inflation than gold. Venture capitalist Tim Draper, for example, has repeatedly said that he is bullish on bitcoin because of its inflation-hedging trait. Billionaire hedge fund manager Paul Tudor Jones has also said that he prefers bitcoin over gold, hoping that the price of BTC be “much taller”.
Bitcoin has outperformed gold since Schiff’s sell recommendation
Many people on Twitter also pointed out that bitcoin has vastly outperformed gold, emphasizing that the price of BTC It has risen significantly since the gold bug’s sell recommendation. In December 2018, when the price of bitcoin was around $3,000, Schiff warned that “there is still a lot of air to come out of this bubble.”
Commenting on Schiff’s January 12 tweet telling investors to sell their BTC at the $18K level, bitcoin proponent Peter McCormack tweeted Sunday:
Bitcoin is trading around 27% since Peter Schiff advised him to sell his bitcoin. Gold is not.
While he admitted that the price of bitcoin has risen since he told people to get rid of their coins, Schiff argued that he also advised people to sell their coins. BTC when its price exceeded $60,000. At the time of writing, bitcoin is trading at $22,838.33, up about 35% over the past 30 days, while both gold futures and spot prices are up about 7% over the past 30 days. same period.
Do you agree with Peter Schiff about why Bitcoin and gold are going up this year? Let us know in the comments section.
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