🏅 Gold hits a new high, but Bitcoin steals the show? Peter Schiff has something to say
Gold prices have just hit a record high, breaking through the $2,650 mark, but Peter Schiff feels that everyone's eyes are on Bitcoin and they don't notice the important economic signal of gold.
Peter Schiff said on social media X: "Everyone is staring at Bitcoin, but they don't see the rise of gold and the meaning behind it." He also mentioned that because of those loose monetary policies, the inflation problem will become more and more serious.
Although Bitcoin is called "digital gold", its recent performance has not been satisfactory and has not returned to its previous highs. Schiff believes that the existence of Bitcoin inadvertently conceals the mistakes that the Federal Reserve may have made.
Although some people see Bitcoin as a substitute for gold, Schiff insists that it is not a good inflation hedge tool because of its volatility and speculation. He also reminded everyone that the price of gold is not only because of past inflation, but also because of the expectation of greater inflation in the future.
Schiff called on investors to pay more attention to the trend of gold instead of being distracted by cryptocurrencies.
💬 What do you think? Do you think Bitcoin has really distracted people from gold? In the face of inflation, which is more reliable, gold or Bitcoin?
