JAKARTA Peter Schiff, an economist and gold expert who is also founder and chairman of Schiffgold, a precious metal dealer specializing in gold and silver bullion, expressed his views on why gold and Bitcoin rose this year.
Schiff, known as a Bitcoin skeptic, stated that gold rose as a hedge against inflation and a weak dollar, while Bitcoin rose alongside other high-risk assets as speculators were betting that the Fed's pivot would lead to a rally in the biggest loser of 2022.
However, some people on Twitter disagree with Schiff, considering that gold is not a good hedge against inflation and considering Schiff's tweets a Bitcoin buy signal.
Some believe that Bitcoin is a better hedge against inflation than gold, such as venture capitalist Tim Draper and billionaire hedge fund manager Paul Tudor Jones who prefers Bitcoin over gold and estimates the price of Bitcoin will be much higher.
"Gold goes up as a hedge against inflation and a weaker dollar, while Bitcoin goes up with other high-risk assets as speculators are betting that the Fed's pivot will cause a rally in the biggest loser of 2022," Schiff said, quoted by Bitcoin.com News.
Bitcoin advocates state that BTC has outperformed gold in terms of price performance. This shows that the price of Bitcoin has increased significantly since Peter Schiff's selling recommendations.
In December 2018, when the price of Bitcoin was around $3 thousand, Peter Schiff warned that "there is still a lot of air to get out of this bubble."
Bitcoin supporter Peter McCormack commented on Schiff's tweet on January 12 telling investors to sell their BTC at the level of $18,000, McCormack tweeted on Sunday: Bitcoin is trading around 27 percent since Peter Schiff suggested you sell your bitcoins. Gold is not."
While Schiff admits that the price of Bitcoin has increased since he told people to throw away their coins, Schiff argues that he also advises people to sell their BTC when it costs more than USD 60,000 per coin.
At the time of writing, Bitcoin is trading at a price of 22,838 US dollars, up about 35 percent over the past 30 days, while the price of gold futures and the price of gold spots rose by about 7 percent over the same period of time.
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