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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 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 […]

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

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.

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

Source: Markets and Prices Archives – Bitcoin News

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Institutional Investors Forecast ‘Strong Year’ for Bitcoin — 65% Expect BTC to Hit $100K, Survey Shows

Institutional Investors Forecast ‘Strong Year’ for Bitcoin — 65% Expect BTC to Hit 0K, Survey ShowsA new survey shows that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000. ‘Strong Year Ahead for Bitcoin’ Nickel Digital Asset Management published the results of a survey Thursday showing how high institutional […]

Institutional Investors Forecast ‘Strong Year’ for Bitcoin — 65% Expect BTC to Hit 0K, Survey Shows

A new survey shows that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000.

‘Strong Year Ahead for Bitcoin’

Nickel Digital Asset Management published the results of a survey Thursday showing how high institutional investors expect the price of bitcoin to reach. The London-based investment manager is registered with the U.K. Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC).

The survey, commissioned by Nickel and conducted by market research company Pureprofile this month, interviewed 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil. The respondents collectively managed around $2.85 trillion in assets.

Sharing the results of the survey, Nickel detailed:

Professional investors are forecasting a strong year ahead for bitcoin and are confident about its long-term valuation. Nearly nine out of 10 professional investors predict bitcoin price rise this year. Two out of three agree $100,000 valuation is possible but only for long-term investors.

Regarding the price of bitcoin, the asset manager described, “The study found high levels of confidence about the long-term trend of the cryptocurrency,” adding that 23% forecasted that BTC will exceed $30,000 by the end of 2023.

Furthermore, 65% of institutional investors surveyed agree bitcoin could still hit $100,000 in the long term. Among them, 58% expect BTC to reach this price level within three to five years while 25% say it would take five or more years.

Meanwhile, 39% of total respondents predicted that the price of bitcoin will reach its November 2021 peak of $69,000 within three years while 76% said it will likely happen within five years. “Only 3% questioned whether bitcoin will ever reach previous all-time high again,” the asset management firm noted.

Nickel CEO Anatoly Crachilov commented:

Price predictions in the cryptocurrency market is always a daunting task, however the most significant finding in our survey is that only 3% of investors are questioning bitcoin’s future.

When do you think the price of bitcoin will hit $100K? Let us know in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

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