Peter Schiff Believes Bitcoin Is Losing to Gold Despite 20% Rally: Famous Bitcoin critic Peter Schiff has once again taken to social media to express his skepticism toward the world’s leading cryptocurrency, Bitcoin.
Peter Schiff Believes Bitcoin Is Losing to Gold Despite 20% Rally
Peter Schiff Believes Bitcoin Is Losing to Gold Despite 20% Rally: In a recent tweet, Schiff claimed that Bitcoin is underperforming against gold, despite the recent spike in Bitcoin prices. He argued that the 20% rise in Bitcoin prices as a result of the long-awaited Fed pivot is not indicative of it being a better inflation hedge than gold, as both Bitcoin and gold prices only returned to their February levels.
Schiff’s tweet sparked a conversation on Twitter, with Binance CEO Changpeng Zhao chiming in to express his agreement with Schiff. Zhao acknowledged that gold is almost as good as Bitcoin in terms of being a hedge against inflation.
Schiff has long been known for his criticism of Bitcoin, calling it a “bubble” and a “Ponzi scheme.” He has also been a vocal proponent of gold as a superior store of value, often advocating for investors to allocate their portfolios to the precious metal.
Despite Schiff’s skepticism toward Bitcoin, the cryptocurrency has continued to gain traction among institutional investors and corporations. Tesla, MicroStrategy, and Square are just a few of the companies that have invested billions of dollars in Bitcoin. Bitcoin’s price performance has also been impressive, having reached an all-time high of nearly $65,000 in April 2021. However, the cryptocurrency has faced some setbacks in recent months, with its value dropping significantly.
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Peter Schiff Believes Bitcoin Is Losing to Gold Despite 20% Rally: Despite everything, Bitcoin remains the world’s leading cryptocurrency. Its news is still the most important in the whole crypto industry. Here you will find today’s latest cryptocurrency market news with daily market analysis and regular monthly and weekly summarizing.
Cardano Founder Says Algorithmic Stablecoins Are Essential for Bitcoin (BTC) to Achieve Its Vision
Peter Schiff Believes Bitcoin Is Losing to Gold Despite 20% Rally: The Cardano founder was responding to a tweet by Jesse Powell, Kraken’s CEO, who hinted that the market might be losing faith in U.S.-homed financial products following the USDT and USDC’s loss of the dollar peg earlier today.
USDC issuer Circle has made it known that $3.3 billion of its total $40 billion in USDC reserves is domiciled in embattled SVB. When inquired about its exposure to SVB, the Kraken CEO responded, “We have no exposure to SVB.” Algorithmic stablecoins, a different class of stablecoins, rely on algorithms to keep their peg to the dollar. The algorithm controls the relationship between the two tokens, which are generally used in algorithmic stablecoins.
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