If you are active on Twitter and have been following Gold and Bitcoin, then you must know economist Peter Schiff. He is an ardent supporter of Gold and an equally anti-Bitcoin individual. Peter has always made his arguments regarding why Gold is better than Bitcoin and why the latter is going to crash sooner or later. This is why this time, he is saying Bitcoin and Gold are rising for opposite reasons in 2023.
Peter Schiff on why Bitcoin is rising
Bitcoin is up more than 30% in 2023, and this has been a wonderful start for the crypto industry. At the same time, Gold has also risen by 4.6% during that time. Both of them are doing really well in their own regard, but Peter Schiff has argued that the reason for this price increase is not the same for these assets.
Firstly he said that Gold is rising because it is acting as a hedge against inflation and a weaker dollar. On the other hand, Bitcoin is rising because speculators think the Feds will pivot, and it will cause a major rally for all 2022 losers.
Many people disagreed with Peter’s take and said that Gold is not a great hedge against inflation. In fact, if we compare the prices since 2011, which was more than a decade ago, the prices have fallen. Some people even mocked Peter saying that his negativity on Bitcoin was a big signal.
Schiff has never been right about Bitcoin
Peter has never been right about Bitcoin. In 2018, he made sharp comments on its price when Bitcoin fell from a high of above $20k to $3,500, saying that it could fall under 80%. And at the time, the price was the bottom, and Bitcoin rose to new highs after that. Now again, he said that Bitcoin has fallen to $18k but could go much lower, and the price has jumped since then.
Sometimes it feels like Peter makes comments on Bitcoin so he can get engagement on his tweets. In fact, there are times he tweets more about Bitcoin and its pitfalls than Gold and its benefits.
What are your thoughts as Peter says that Bitcoin and Gold are rising for opposite reasons? And do you agree with him on this? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
