Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — ‘They’re Rising for Opposite Reasons’

Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — ‘They’re Rising for Opposite Reasons’ Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — 'They're Rising for Opposite Reasons'  0

Economist and gold bug Peter Schiff has explained why bitcoin and gold are going up this year. “They’re rising for opposite reasons,” he said, claiming that the price of gold is climbing as investors view the metal as a hedge against inflation and a weaker dollar.

Peter Schiff Explains Why Bitcoin and Gold Are Rising

Gold bug and economist 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 bashing the crypto while promoting gold. He tweeted Monday:

Both gold and bitcoin are up in 2023, but they’re rising for opposite reasons.

“Gold is rising as a hedge against inflation and a weaker dollar, while bitcoin is rising with other high-risk assets as speculators bet that a Fed pivot will cause a rally in 2022’s biggest losers,” the economist detailed.

A number of people on Twitter disagreed with Schiff, replying to his tweet that gold is not a good hedge against inflation. Some people took the gold bug’s 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 he is bullish about bitcoin due to its trait as an inflation hedge. Billionaire hedge fund manager Paul Tudor Jones has also said he prefers bitcoin over gold, expecting the price of BTC to be “much higher.”

Bitcoin Has Outperformed Gold Since Schiff’s Sell Recommendation

Many people on Twitter also pointed out that bitcoin has hugely outperformed gold, emphasizing that the price of BTC has increased significantly since the gold bug’s sell recommendation. In December 2018, when the price of bitcoin was around $3K, Schiff warned that “a lot more air yet to come out of this bubble.”

Commenting on Schiff’s Jan. 12 tweet telling investors to sell their BTC at the $18K level, bitcoin proponent Peter McCormack tweeted Sunday:

Bitcoin is trading around 27% up since Peter Schiff advised you to sell your bitcoin. Gold isn’t.

While admitting that the price of bitcoin has risen since he told people to dump their coins, Schiff argued that he also advised people to sell their BTC when its price was well over $60K. 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% during the same time period.

Tags in this story gold vs bitcoin, Peter Schiff, peter schiff bitcoin, peter schiff gold, Peter Schiff why bitcoin is rising, Peter Schiff why gold is rising

Do you agree with Peter Schiff about why bitcoin and gold are rising this year? Let us know in the comments section below.

Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — 'They're Rising for Opposite Reasons'  1 Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — 'They're Rising for Opposite Reasons'  2 Finder’s Experts Predict Bitcoin to Peak at $29K in 2023, But Forecast a Low of $13K  MARKETS AND PRICES | 4 hours ago Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — 'They're Rising for Opposite Reasons'  3 New Year Brings Strong NFT Sales, Up 26% in First Week of 2023 With Top 5 Blockchains Seeing Double-Digit Increases MARKETS AND PRICES | Jan 8, 2023

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Bank of America, JPMorgan, Wells Fargo Collaborate to Launch Digital Wallet: Report

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — 'They're Rising for Opposite Reasons'  4

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market … read more.

Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Fed’s Bullard Wants to Raise Bank Rate to 3.5% by Year’s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

Source

Updated: 01/24/2023 — 21:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme