Bitcoin Cash

Bitcoin

when

Read

Gold

Economist Peter Schiff, a vocal critic of Bitcoin and advocate for gold, has shared insights that position Bitcoin in a unique light amidst the global financial landscape. Schiff also suggests that the rise of Bitcoin and the approval of Bitcoin ETFs may indirectly help central banks and big governments by dragging investors’ attention from gold, a traditional protection against fiat currency inflation.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 To the extent that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> has distracted attention and buying from <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#gold</a>, it's the best thing that's happend to big government and central banks. Gold is the primary threat to the fiat based monetary system and U.S. dollar hegemony. That may be why those new ETFs were approved.
 — Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1770771547680018776?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 21, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="bitcoin-a-distraction-from-gold">Bitcoin: A Distraction from Gold?</h2>
Peter Schiff, who has consistently championed gold as the ultimate safeguard against the depreciation of fiat currencies, posits that Bitcoin’s emergence and its narrative within the financial ecosystem could be playing into the hands of central banks and governments. 
However, from his observation, investors, as well as capital that was supposed to go to gold, are going to <a href="https://coingape.com/bitcoin-cements-dominance-over-gold-records-23-6b-net-inflows/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Bitcoin</a>. Hence, he believes that BTC could cushion the pressure that gold might subject to a fiat-based monetary system as well as the U.S. dollar dominance.
The perspective that Schiff holds makes an interesting observation that BTC, which is often referred to as ‘<a href="https://coingape.com/michael-saylor-says-bitcoin-will-eat-gold-emerging-as-top-asset-price-surges-over-72k/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">digital gold</a>,’ might be virtually replacing gold in the financial system. This diversion, on the other hand, may weaken gold as a principal counterweight of the fiat currency systems and, therefore, indirectly facilitate the central banks to achieve their aims of maintaining the conventional financial systems.
<h2 id="strong-role-of-etfs-strong">Role of ETFs</h2>
The approval of <a rel="noopener noreferrer nofollow" href="https://t.me/coingape/30913">Bitcoin ETFs</a> has fueled the mainstream acceptance of cryptocurrency by the broad investor community. Nevertheless, Schiff implies that this development may have more profound consequences. Through the provision of a simplified approach to Bitcoin acquisition for a wider market of investors, ETFs may be exacerbating the redirection of both attention and funds from gold investments.
Schiff suggests that such a scenario could be particularly beneficial to central banks and the government since it undermines what he sees as the main threat to the fiat currency system – gold. This hype on BTC and the spread of Bitcoin-related ETFs may be decreasing the pressures that mounting interest in gold investments could pose on fiat currencies and the wider monetary system.
<h2 id="strong-schiff-s-skepticism-of-bitcoin-etfs-strong">Schiff’s Skepticism of Bitcoin ETFs</h2>
Nonetheless, per Coingape, <a href="https://coingape.com/peter-schiff-red-flags-bitcoin-etf-vulnerability-to-market-crashes/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Peter Schiff</a> has cast doubts on the strength and steadiness of Bitcoin ETFs in any market downward trend. He stresses the limited trading liquidity of these funds, especially outside of U.S. market hours, which he says puts investors at greater risk during global market volatility.
Continuing his criticism, Schiff has also raised alarms on the likes of MicroStrategy and their aggressive BTC buying behaviors. He doubts the logic of using corporate money to buy BTC in big amounts, especially in times of market highs, and suggests that these actions could lead to the artificial increase of Bitcoin prices. This strategy, as per Schiff, may deceive individual investors when it comes to the underlying risks of Bitcoin investment through ETFs, in particular.
Read Also: <a rel="noopener noreferrer nofollow" href="https://t.me/coingape/31685">Bitcoin Cash (BCH) Price Skyrockets 14% As Bitcoin Tops $67,000</a>
The post <a href="https://coingape.com/peter-schiff-views-bitcoin-as-unlikely-ally-to-central-banks/" rel="noopener noreferrer nofollow">Peter Schiff Views Bitcoin as Unlikely Ally to Central Banks</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Peter Schiff Views Bitcoin as Unlikely Ally to Central Banks

Table of Contents

Coingape News Media

Other articles published on Mar 21, 2024

How 'Meme Coin Sausage Is Made,' According To Crypto VC: 'I May Be Everyone's Exit Liquidity'

Shiba Inu Community Drops ‘The Shib’ Magazine’s 17th Edition, Here’s Everything

Memecoin Market Cap Blasts 14% as Wider Market Gains

Bitcoin Tops $67,000 Following Fed's Decision; Ondo Emerges As Top Gainer

Black Account’ Trading Exchange Token Completes 85% Stage 5 Presale, Analyst Predict 400% Gains

Bitget Announces Listing of Syncus (SYNC) - Pioneering Treasury-Token Dynamics in DeFi (21 Mar)

Join our free newsletter for daily crypto updates!