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.”
