The CEO of Euro Pacific Capital Peter Schiff has taken to Twitter to reveal a very bullish sign for gold related to Bitcoin.
The anchors on @CNBC agree that #gold has lost its luster. That it’s been replaced as an #inflation hedge by #Bitcoin, other #cryptos and #NFTs. This is a very bullish sign for gold, and it’s exactly the analysis one would expect to hear from CNBC just before a major gold rally!
— Peter Schiff (@PeterSchiff) September 3, 2021
Peter Schiff claims that CNBC touting Bitcoin is a very bullish sign for gold, here’s why
He has once again criticized CNBC for touting Bitcoin and saying that gold is losing its inflation hedge status to the leading cryptocurrency. However, Schiff has called it a very bullish sign” for gold. He added that this is exactly what he would expect CNBC to say before gold starts a major rally.
As of September 3, gold was trading at $1,833 per ounce, showing a major rise from $1,791 on August 25. Compared to the start of the year, the precious metal is in decline as on January 5 it was changing hands at $1,954. Besides, on August 4 last year, gold reached an all-time high of $2.021.
Gold-bug, Peter Schiff
However, Schiff has publicly regretted many times that he did not buy Bitcoin in the early days to make huge profits like now. However, Schiff’s son, Spencer, has recently focused on Bitcoin. However, not all investors join either the gold or Bitcoin camp. Author of the bestselling “Rich Dad, Poor Dad” book on financial literacy, Robert Kiyosaki, often tweets that he prefers gold, Bitcoin, and silver, especially during times of inflation.
Are we in a bubble? We couldn’t be further from it
Speaking with Yahoo Finance, Cathie Wood, CEO of Ark Invest, recently spoke about the market outlook, taking the opportunity to give some love to Bitcoin and the ecosystem of industries that are developing around cryptocurrencies.
Wood disagrees with billionaire investor John Paulson’s recent criticism of Bitcoin and cryptocurrencies, claiming that Bitcoin is managing to surpass gold as a store of value in this digital age.
“What we (Ark Investment) think he’s missing about cryptocurrencies is they’re much more than a store of value or digital gold. Bitcoin is a new, global monetary system that is completely decentralized and not subject to the whims of policymakers”, Wood stated.
For Wood, the market is not in a bubble. Wood believes that cryptocurrency is a generational phenomenon and that the crypto industry is only growing as technology evolves.
“Are we in a bubble? We couldn’t be further from it. The average investor doesn’t understand how provocative these next five to 15 years are going to be, as these S curves feed one another and enter exponential growth trajectories that we have never seen before”, she is sure that the current bull run is far from over and cited predictions that mention at least 10 years of general growth.
BTC/USD 4-hour chart | Source: TradingView
At the time of writing, BTC is changing hands at $49,951, could not hold the $50,000 level as reported by AZCoin News.
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