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Economist Peter Schiff Advises Against Buying US Dollars — Warns of USD Breakdown
Economist Peter Schiff cautions against buying U.S. dollars or selling gold, citing rising Treasury yields as a result of the government’s failure to control the national debt and inflation. He notes the widening trade deficits, suggesting an unproductive economy will further weaken the dollar and increase prices. Schiff Warns Against Buying US Dollars Economist and […]
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Economist Jim Rickards Predicts Gold Price Exceeding $27,000 — Says: ‘It’s Not a Guess. It’s Rigorous Analysis’
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Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold $60,000
Chief economist and Bitcoin critic, Peter Schiff has issued a somber prediction regarding the world’s largest cryptocurrency, Bitcoin. The financial expert has cautioned investors of the potential repercussions should BTC drop below critical resistance levels.
Economist Predicts Bitcoin Price Decline
In a recent X (formerly Twitter) post, Schiff shared a price chart of Bitcoin against the United States Dollar (USD), pinpointing Bitcoin’s price at the time of the post at ,814, alongside key support levels around ,000. The economist has argued that Bitcoin’s current price position was not conducive for HODLers.
Emphasizing the importance of BTC maintaining a stronghold above ,000, Schiff urged investors to proceed with caution and hope that the cryptocurrency successfully sustains support levels. He also predicted that if Bitcoin failed to hold critical support levels, a substantial price decline would be inevitable.
While Schiff’s predictions may appear to align with his usual skepticism towards Bitcoin, the timing of his warnings coincides with a period of heightened uncertainty and volatility surrounding Bitcoin’s price.
The cryptocurrency is currently trading at ,909, marking a notable decrease from its previous all-time high of over ,000 before the halving event. Data from CoinMarketCap has revealed a series of declines, with Bitcoin experiencing a 3.75% drop in the last 24 hours and a 4.38% decrease over the past month.
This underscores the uncertain price condition of the pioneer cryptocurrency, hinting at the possibility of further declines unless the cryptocurrency makes a quick price correction.
Schiff has stated that while experienced Bitcoin holders are accustomed to large price drops and periods of volatility, new investors who have recently entered the Spot Bitcoin Exchange Traded Fund (ETF) market should be prepared for a “rude awakening.”
Crypto Analyst Says Potential Upsurge In Store For BTC
On Monday, April 22, prominent crypto analyst, Ali Martinez shared insights on Bitcoin’s future price trajectory in an X post. Martinez noted that the price of Bitcoin was steadily rising, aiming to secure new highs around ,000.
The crypto analyst predicts that if Bitcoin can successfully break past key support levels at ,000, the cryptocurrency’s next critical resistance level would be between ,900 and ,200. Despite this optimistic forecast, Martinez has also warned investors about a potential pullback, emphasizing the importance of exercising caution and closely monitoring Bitcoin’s price if it falls below ,500.
With Bitcoin currently priced at ,909, it has fallen notably below the key support level highlighted by Martinez. This continuous price decrease could be attributed to recent trends indicating that Bitcoin’s accumulation score has dropped to zero. This suggests that whales may be moving away from the pioneer cryptocurrency or refraining from accumulating Bitcoin at its present price level.
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Renowned Economist Says Bitcoin Isn’t Digital Gold, Then What Is It?
Chief Economist and Bitcoin antagonist, Peter Schiff has made another controversial statement about BTC, comparing the world’s largest cryptocurrency to gold, while expressing skepticism about BTC being lauded as the “digital gold.”
Bitcoin Is “Digital Anti-Gold”
In a February 27 post on X (formerly Twitter), Schiff publicly criticized Bitcoin’s title as the digital gold, asserting that the cryptocurrency should be seen as a bet against gold instead of a digital counterpart of the precious metal. While the renowned economist has stated that “Bitcoin is not digital gold,” he has also provided his version of a more accurate description of Bitcoin, characterizing the cryptocurrency as a “digital anti-gold.”
Earlier in November 2023, ARK Invest CEO, Cathie Woods declared Bitcoin to be a digital gold, confidently stating that she would rather wager on Bitcoin than gold. Similarly, Chief Executive Officer (CEO) of MicroStrategy, Michael Saylor and CEO of VanEck, Jan van Eck, have confirmed BTC to be the ultimate store of value.
These sentiments and statements from renowned BTC investors and leading cryptocurrency supporters clearly contrast Schiff’s perspective on BTC. The global strategist is well known for his opposing views against BTC and other cryptocurrencies, often criticizing the value of these digital assets and informing the broader crypto community of the risks associated with cryptocurrencies while glorifying gold’s value.
The economist has remained critical of Bitcoin’s perceived role as a digital store of value, highlighting that BTC buyers should hope for the sustained control of inflationary pressures and the ongoing strength of the United States dollar (USD) against other fiat currencies.
Crypto Community In Opposition
The crypto community has swiftly offered their personal opinions on Schiff’s statement about Bitcoin, opposing the Bitcoin antagonist’s views and showcasing their relentless support for the cryptocurrency.
One crypto community member has asserted that Schiff’s Bitcoin remarks lack theoretical validity, stemming from a fundamental misunderstanding and fear of BTC’s value and potential. Another member has highlighted the differences between gold and Bitcoin, describing the cryptocurrency as a “tech innovation” which has nothing to do with precious metals like gold.
The majority of crypto members have shown unwavering support for BTC, with some even stating that Bitcoin could potentially surpass the value of gold in the future.
“Bitcoin is going to consume gold. It’s not a matter of if, it’s a matter of when,” a community member stated.
Economist Peter Schiff Says Gold Price Not Rising Fast Enough, Condemns Civil Ruling Against Donald Trump
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