Bitcoin

Gold

<p><a href="https://www.thecoinrepublic.com/2024/09/11/peter-schiff-shares-grim-warning-on-bitcoin-supply-demand/" rel="noopener noreferrer nofollow">Peter Schiff</a>, a well-known Bitcoin hater and gold bug, has once again made a bearish call for Bitcoin. He said the world’s largest digital currency will likely plunge under $58,000.</p>
<p>Schiff, the CEO and chief global strategist at Euro Pacific Capital, said that Bitcoin is performing similarly to gold, which has recently reached its historical high.</p>
<h2 class="wp-block-heading" id="h-peter-schiff-predicts-bitcoin-crash-amid-gold-surge"><strong>Peter Schiff Predicts Bitcoin Crash Amid Gold Surge</strong></h2>
<p>Gold has recently hit a record of over $2,586, as explained by Schiff, which supports that it is a strong asset. He also noted that while Bitcoin is going down, silver is rising and has crossed the $31 mark.</p>
<p>Schiff also pointed out that Bitcoin cannot be considered “digital gold” or “digital silver,” stating that it doesn’t hold value for long-term investment. Schiff’s criticism does not stop at the price differentials either.</p>
<p>He has remained very vocal, saying the leading crypto has no value and may have reached its zenith. In his reaction to the online reactions, he explained that it is sitting at a price that indicates a massive drop is close by.</p>
<h2 class="wp-block-heading" id="h-schiff-links-gold-s-rise-to-economic-turmoil"><strong>Schiff Links Gold’s Rise to Economic Turmoil</strong></h2>
<p>Further, Schiff has also associated the rising prices of gold with other economic factors such as unemployment, inflation, and even a probable recession. He pointed out an interesting fact: gold usually performs well when the financial market is volatile.</p>
<p>Last week, Schiff praised gold, trading at $2,573, while ridiculing Bitcoin investors and the digital currency’s relentless fall. Schiff also complained about the media’s approach to the precious metal. He scolded CNBC’s Fast Money for ignoring gold even when it reached its all-time high.</p>
<p>According to Schiff, the media pays more attention to Bitcoin whenever it breaks new barriers. The same cannot be said of gold.</p>
<h2 class="wp-block-heading" id="h-robert-kiyosaki-defends-bitcoin-amid-economic-concerns"><strong>Robert Kiyosaki Defends Bitcoin Amid Economic Concerns</strong></h2>
<p>While Schiff is negative about Bitcoin, <a href="https://www.thecoinrepublic.com/2024/09/15/robert-kiyosaki-ends-bitcoin-versus-gold-debate-details/" rel="noopener noreferrer nofollow">Robert Kiyosaki</a>, the author of Rich Dad Poor Dad, has a different opinion. Recently, Kiyosaki called Bitcoin, gold, and silver tools that would help investors protect their assets from risks.</p>
<p>He noted that U.S. national debt, now over $35 trillion, is a problem that cannot be solved either by Trump or Harris. Kiyosaki has been vocal about the risks of holding dollars. He advised people to invest in physical assets such as Bitcoin and gold.</p>
<p>He is convinced that the interest rate cuts that the Federal Reserve might make during the next FOMC meeting will increase the value of Bitcoin, gold, and silver. Robert Kiyosaki said that real assets will rise when the Fed changes direction, and fiat currencies and US bonds will be less attractive.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Bitcoin, gold, silver prices about to<br>EXPLODE….As stated in my previous tweet…. you talkers….cowards discussing which is better…. Gold or Bitcoin…will be Big Losers… when Marxist Fed PIVOTS…cutting interest <br>rates…and real assets go up in price…as fake money leaves fake…</p>— Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1835080610878251311?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 14, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Schiff’s view is, however, the opposite of Kiyosaki’s view. Both investors are unanimous that the traditional financial markets are grappling with certain problems, such as inflation and rising debt. While the DGB debate about Bitcoin’s future continues, the market stakeholders are still at a loss as to which direction will best benefit investors needing stability.</p>
<h2 class="wp-block-heading" id="h-standard-chartered-predicts-bitcoin-surge-after-election"><strong>Standard Chartered Predicts Bitcoin Surge After Election</strong></h2>
<p>Schiff and Kiyosaki still hold their perspectives on Bitcoin, yet financial institutions are trying to predict its future. <a href="https://www.thecoinrepublic.com/2024/09/11/standard-chartered-launches-crypto-custody-service-in-uae/" rel="noopener noreferrer nofollow">Standard Chartered</a> Bank has come out with a positive outlook on Bitcoin, saying that the cryptocurrency could hit $125,000 if Trump wins the next election.</p>
<p>On the other hand, if Kamala Harris clinches the presidency, Bitcoin may hit $75,000 by the end of this year. Standard Chartered considers the fluctuation risks in the Bitcoin market, especially if Harris emerges as the winner.</p>
<p>The bank expects the price to drop initially and then gradually rise due to the positive effects of regulations and institutional investments in the cryptocurrency. While the election result may impact short-term price fluctuation, Standard Chartered claims that several factors will determine Bitcoin’s future, and the election is not one of them.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/16/gold-hits-record-high-bitcoin-loses-shine-peter-schiff/" rel="noopener noreferrer nofollow">Gold Hits Record High, Bitcoin Loses Shine- Peter Schiff</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Gold Hits Record High, Bitcoin Loses Shine- Peter Schiff

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 17, 2024

New NFT attack: Why the SEC issued a $750k fine and what does a restaurant have to do with it

TON is a Potential Ethereum Rival, But It Needs to “De-Telegramize” — New Bitget Research Report

Which Way Will Bitcoin Move After FED Interest Rate Decision? Analyst Said Situation Is Difficult...

Will the SEC’s Hearing Ignite the Ethereum Debate Once More?

Basebet.io Launches $BBT Token: A New Era in Blockchain-Powered Gaming (17 Sep)

WazirX Users Demand Answers After July 2024 Cyber-Attack

Join our free newsletter for daily crypto updates!