{"id":16852,"date":"2023-01-25T01:40:20","date_gmt":"2023-01-25T01:40:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/economist-peter-schiff-explains-why-bitcoin-and-gold-are-up-this-year-theyre-rising-for-opposite-reasons-markets-and-prices-bitcoin-news\/"},"modified":"2023-01-25T01:40:20","modified_gmt":"2023-01-25T01:40:20","slug":"economist-peter-schiff-explains-why-bitcoin-and-gold-are-up-this-year-theyre-rising-for-opposite-reasons-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/economist-peter-schiff-explains-why-bitcoin-and-gold-are-up-this-year-theyre-rising-for-opposite-reasons-markets-and-prices-bitcoin-news\/","title":{"rendered":"Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year \u2014 ‘They’re Rising for Opposite Reasons’ \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Economist and gold bug Peter Schiff has explained why bitcoin and gold are going up this year. \u201cThey\u2019re rising for opposite reasons,\u201d he said, claiming that the price of gold is climbing as investors view the metal as a hedge against inflation and a weaker dollar.<\/strong><\/p>\n

Peter Schiff Explains Why Bitcoin and Gold Are Rising<\/h2>\n

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:<\/p>\n

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Both gold and bitcoin are up in 2023, but they\u2019re rising for opposite reasons.<\/p>\n<\/blockquote>\n

\u201cGold 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\u2019s biggest losers,\u201d the economist detailed.<\/p>\n

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\u2019s tweet as a BTC<\/a> buy signal.<\/p>\n

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<\/a>. Billionaire hedge fund manager Paul Tudor Jones has also said he prefers bitcoin over gold, expecting the price of BTC<\/a> to be \u201cmuch higher<\/a>.\u201d<\/p>\n

Bitcoin Has Outperformed Gold Since Schiff\u2019s Sell Recommendation<\/h2>\n

Many people on Twitter also pointed out that bitcoin has hugely outperformed gold, emphasizing that the price of BTC<\/a> has increased significantly since the gold bug\u2019s sell recommendation. In December 2018, when the price of bitcoin was around $3K, Schiff warned<\/a> that \u201ca lot more air yet to come out of this bubble.\u201d<\/p>\n

Commenting on Schiff\u2019s Jan. 12 tweet telling investors to sell their BTC<\/a> at the $18K level, bitcoin proponent Peter McCormack tweeted<\/a> Sunday:<\/p>\n

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Bitcoin is trading around 27% up since Peter Schiff advised you to sell your bitcoin. Gold isn\u2019t.<\/p>\n<\/blockquote>\n

While admitting that the price of bitcoin has risen since he told people to dump their coins, Schiff argued that he also advised people to sell their BTC<\/a> when its price was well over $60K. At the time of writing, bitcoin is trading at $22,838.33, up about 35% over the past 30 days, while both gold futures and spot prices are up about 7% during the same time period.<\/p>\n

Do you agree with Peter Schiff about why bitcoin and gold are rising this year? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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