YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

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

January 25, 2023
in Bitcoin
Reading Time: 4 mins read
A A
Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — ‘They’re Rising for Opposite Reasons’ – Markets and Prices Bitcoin News
ShareShareShareShareShare

You might also like

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

February 2, 2023
Jim Cramer says ignore the crypto cheerleaders

Bitcoin, S&P 500 almost hit golden cross as bullish trend grows

February 2, 2023

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.

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

More Popular News

In Case You Missed It


Credit: Source link

Related Stories

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?
Bitcoin

Groundhog Day: Will We Get Six More Weeks Of Crypto Winter?

February 2, 2023
Jim Cramer says ignore the crypto cheerleaders
Bitcoin

Bitcoin, S&P 500 almost hit golden cross as bullish trend grows

February 2, 2023
Smart Contract Token Market Soars to $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse – Defi Bitcoin News
Bitcoin

Smart Contract Token Market Soars to $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse – Defi Bitcoin News

February 2, 2023
CleanSpark Mines Record 697 Bitcoin In January, A 50% Increase Since December
Bitcoin

CleanSpark Mines Record 697 Bitcoin In January, A 50% Increase Since December

February 2, 2023
Next Post
Short-Term Bitcoin Investors Are Taking Profit After the Pump: Glassnode

Short-Term Bitcoin Investors Are Taking Profit After the Pump: Glassnode

Leave a Reply Cancel reply

Your email address will not be published.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

Recommended

UK Regulation Plans Show Crypto Is Mainstream, Digital Is Future Of Finance

UK Regulation Plans Show Crypto Is Mainstream, Digital Is Future Of Finance

February 1, 2023
BNB Chain releases whitepaper for new Web3 blockchain

BNB Chain releases whitepaper for new Web3 blockchain

February 1, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,524.00 0.84%
    • ethereumEthereum (ETH) $ 1,647.81 0.44%
    • tetherTether (USDT) $ 1.00 0%
    • bnbBNB (BNB) $ 324.58 2.22%
    • usd-coinUSD Coin (USDC) $ 1.00 0.14%
    • xrpXRP (XRP) $ 0.410999 0.87%
    • binance-usdBinance USD (BUSD) $ 1.00 0.2%
    • cardanoCardano (ADA) $ 0.399451 0.41%
    • dogecoinDogecoin (DOGE) $ 0.091371 3.22%
    • matic-networkPolygon (MATIC) $ 1.19 0.61%
    • okbOKB (OKB) $ 39.85 5.19%
    • solanaSolana (SOL) $ 24.32 2.61%
    • staked-etherLido Staked Ether (STETH) $ 1,644.80 0.55%
    • polkadotPolkadot (DOT) $ 6.56 1.4%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 1.74%
    • litecoinLitecoin (LTC) $ 99.08 1.38%
    • avalanche-2Avalanche (AVAX) $ 21.26 1.71%
    • tronTRON (TRX) $ 0.063865 0.89%
    • uniswapUniswap (UNI) $ 7.13 4.7%
    • daiDai (DAI) $ 1.00 0.02%
    • cosmosCosmos Hub (ATOM) $ 14.36 2.99%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,456.00 1.13%
    • chainlinkChainlink (LINK) $ 7.12 1.35%
    • the-open-networkToncoin (TON) $ 2.36 1.14%
    • leo-tokenLEO Token (LEO) $ 3.37 0.34%
    • moneroMonero (XMR) $ 172.94 2.71%
    • ethereum-classicEthereum Classic (ETC) $ 22.46 0.34%
    • aptosAptos (APT) $ 17.23 4.81%
    • bitcoin-cashBitcoin Cash (BCH) $ 137.19 1.17%
    • stellarStellar (XLM) $ 0.091991 0.47%
    • apecoinApeCoin (APE) $ 5.90 2.24%
    • quant-networkQuant (QNT) $ 144.46 2.68%
    • nearNEAR Protocol (NEAR) $ 2.44 0.95%
    • filecoinFilecoin (FIL) $ 5.47 3.69%
    • crypto-com-chainCronos (CRO) $ 0.080382 0.49%
    • lido-daoLido DAO (LDO) $ 2.28 0.35%
    • algorandAlgorand (ALGO) $ 0.256708 2.19%
    • hedera-hashgraphHedera (HBAR) $ 0.067186 3.59%
    • vechainVeChain (VET) $ 0.024151 2.55%
    • fantomFantom (FTM) $ 0.603537 4.39%
    • internet-computerInternet Computer (ICP) $ 5.79 4.39%
    • decentralandDecentraland (MANA) $ 0.786177 1.84%
    • axie-infinityAxie Infinity (AXS) $ 11.22 1.6%
    • aaveAave (AAVE) $ 88.81 0.63%
    • the-sandboxThe Sandbox (SAND) $ 0.747584 2.65%
    • eosEOS (EOS) $ 1.07 0.9%
    • flowFlow (FLOW) $ 1.11 1.22%
    • elrond-erd-2MultiversX (EGLD) $ 45.06 2.29%
    • theta-tokenTheta Network (THETA) $ 1.07 0.89%
    • fraxFrax (FRAX) $ 0.998848 0.44%