Peter Schiff Issues Dire Warning As Gold Hits ATH, Can Bitcoin Save The Day?
The post Peter Schiff Issues Dire Warning As Gold Hits ATH, Can Bitcoin Save The Day? appeared on BitcoinEthereumNews.com.
Gold has reached a new all-time high, trading above $2,586. This prompted Peter Schiff, a long-time gold advocate, to issue a stark warning about the economy. Meanwhile, netizens see it as an opportunity for Bitcoin to come to the rescue as the U.S. braces for higher inflation, unemployment and other issues. Peter Schiff On Gold & Economic Uncertainty In a post on X, Peter Schiff wrote, “Friday the 13th is a lucky day for #gold investors, with gold trading above $2,573. In contrast, #Bitcoin speculators are out of luck, as are Americans in general. Record gold prices are a harbinger of higher #inflation, unemployment, & long-term interest rates, plus #recession.” Schiff’s remarks reflect his consistent position on gold being a reliable safe haven during economic uncertainty. With the metal reaching record levels, Schiff is signaling further economic turmoil. These include rising inflation, unemployment, and a recession amid a looming Fed rate cut. Peter Schiff’s warning comes as investors turn towards traditional assets like gold in the face of rising risks in the global economy. In contrast, Bitcoin maximalists like Robert Kiyosaki expect BTC to shine as an alternative hedge amid these conditions. In addition, Fred Krueger, a Bitcoin advocate, tweeted, “Gold is at 2600. We’re days away from rate cuts. Blackrock has shifted from ESG to BTC.” He believes that BTC could play a significant role regardless of the election results between Donald Trump and Kamala Harris. Krueger added, “60 days from now, regardless of who wins, we are in a money printing super-cycle, with a new BTC ETF.” The Other Side While Bitcoin’s correlation with gold has historically fluctuated, it has often been viewed as a potential hedge against inflation. Bitcoin’s fixed supply, capped at 21 million coins, is one of the factors that drive its inflation-hedging narrative. As…
Filed under: News - @ September 14, 2024 2:19 am