#BitcoinCollapse #GoldVsBitcoin #PeterSchiff #DigitalGold #Europac #MarketMovements #GoldRally #BitcoinRally
Peter Schiff, Europac’s chief economist and recognized gold supporter, recently shared his view comparing the gold and bitcoin movements in the market. According to Schiff, the existing pullback in gold prices after last week’s all-time high levels has opened a window for an increase in bitcoin prices. However, Schiff is notorious for his negativity towards bitcoin, and true to form, he insists that bitcoin’s spectacular collapse is imminent, while the prices of gold will continue their upward rally.
Schiff’s critique didn’t stop there. He went on to question CNBC’s portrayals of market movements and their branding of bitcoin as “digital gold”. He suggested that this branding is misleading as he considers none of the cryptocurrencies, including bitcoin, to be a legitimate “digital gold”, terming them instead as a modern-day version of “fools’ gold”. Schiff backed up his prediction with an explanation of why gold prices are continuing to surge. According to him, the impending crash of the dollar and the U.S. economy are acting as a catalyst, pushing world powers to ramp up gold purchases as they see it as a more credible alternative to the U.S. currency. He also pointed out that the pullback of gold to $2000-level prices is due to natural profit-taking and speculative short sellers entering the market.
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