According to the famous analyst Peter Schiff’s claim, CNBC’s assertion that Bitcoin (BTC) has begun to replace gold as a hedge is a “very big Bull sign” for gold. Renowned gold markets analyst Peter Schiff claims that CNBC’s launch of Bitcoin is a “huge bullish sign” for gold. The reason and details of this claim Cryptocoin. at com.
Is gold replacing BTC?
Peter Schiff, famous as a well-known Bitcoin (BTC) critic and precious metal wolf, chose to use Twitter from social media to share the situation regarding Bitcoin (BTC), which he sees as a “very big bullish sign” for gold. Renowned precious metals analyst Schiff has once again criticized CNBC for launching Bitcoin (BTC) and saying that gold has lost its inflation hedge to the leading cryptocurrency. However, Schiff, CEO of Euro Pacific Capital, book author and popular podcaster, called it a “huge bullish sign” for the yellow metal. He added that he expects CNBC to say exactly that before gold begins a massive rally.
BTC next to gold
As of September 3, gold was trading at $1,833 an ounce, up sharply from $1,791 on August 25. Compared to the start of the year, the precious metal is down as it changed hands on January 5 at $1,954. Also, on August 4 last year, gold hit an all-time high of $2,021. Still, Peter Schiff hasn’t hesitated to publicly regret not having bought Bitcoin (BTC) in its early days in order to now reap spectacular profits on several occasions. However, Schiff’s son Spencer has recently entered Bitcoin (BTC). However, most investors do not join either the gold or Bitcoin camp. In other words, not all eggs are put in a single basket and the risk is generally tried to be distributed. Robert Kiyosaki, the author of the bestselling book “Rich Dad, Poor Dad” on financial literacy, frequently tweets that he prefers gold, Bitcoin and silver, especially during inflation periods.