Peter Schiff Warns Inflation In The US Is Increasing, Bitcoin Is A Debate

Peter Schiff warned that inflation in the US is increasing, Bitcoin is being debated (Photo; Doc. Facts)

JAKARTA - Inflation in the United States has become a hot topic of heated debate among economists and investors. One of the most vocal voices was Peter Schiff, an economist and well-known critic of Bitcoin. Schiff recently voiced his concern about the increasingly high inflation rate in the US, which he said was not only caused by current government policies but also the impact of monetary policies that had been running since before Joe Biden's presidency.

Reporting from Coingape, Schiff revealed that the gap between money creation and price acceleration suggests that the worst impact of Biden's policy may only be felt in the next few months. He also stressed that most of current inflation could be traced back to the money printed to cover the deficit during the Trump administration.

The money printing policy implemented during the Trump administration also contributed significantly to the inflation we are experiencing now, Schiff said. He also criticized Larry Kudlow, former Director of the National Economic Council under Trump's administration, who blamed inflation entirely on Biden. Schiff noted that Kudlow did not show any concern about inflation while still in office, which he said made the criticism lose credibility.

In the debate over inflation, Tesla CEO Elon Musk also spoke up. Musk blamed excessive government spending as the cause of price increases, which he said were funded by money printing, thereby lowering the value of the currency. Musk suggested that the federal government reduce unnecessary spending'' as a solution to overcome inflation. This view has received a lot of support from people who are worried about the current economic conditions.

Musk's comments sparked debate among financial experts, with some seeing his proposal as a bipartisan solution to inflation issues. Several commentators in the financial sector, including Mike Novogratz, support Musk's view of assets like Bitcoin and gold as a protection against inflation.

Amid concerns about inflation being voiced by Peter Schiff, the price of Bitcoin is showing fluctuations. Recently, the price of Bitcoin surpassed $59,000 after the volatility period. This price movement comes amid speculation that the US Federal Reserve may lower interest rates due to improving economic indicators. A report from QCP Capital shows that inflationary data has increased market sentiment, with the equity market approaching a new record high.

Atlanta's Federal Reserve Bank president, Raphael Bostic, revealed that the US economy may soon be in a position to support lower interest rates, following efforts to control inflation. This adds to optimism among investors, with the price of Bitcoin reflecting a broader market reaction to the possible easing of monetary policy.