In a recent Twitter video, gold bug and economist Peter Schiff has warned that the US dollar will soon take a “death blow” and that people will flock to gold as a result.
Schiff, who has long been a proponent of gold as a safe haven asset, stated that the current financial crisis is much larger and more impactful than the 2008 crisis. He predicted that the crisis would lead to more aggressive and reckless monetary and fiscal policies, which would ultimately undermine the dollar’s status as the world’s reserve currency.
Peter Schiff: A Death Blow Is Coming for the Dollar and People Will Run to Gold @schiffgold https://t.co/3HNDTDzn1S
— Peter Schiff (@PeterSchiff) April 20, 2023
According to Schiff, the US dollar is still not losing its privileges despite the actions taken to date, but that this would soon change. He urged people to evacuate to gold as a result of reckless monetary expansion, which he believed would lead to inflation and financial crises.
Schiff’s call for people to invest in gold comes as bitcoin proponents recommend it as a refuge from crises caused by monetary and fiscal policy. The digital currency has gained popularity in recent years due to its decentralized nature, which means it is not subject to government or central bank control.
Schiff’s warning about the US dollar losing its status as the world’s reserve currency is not a new one. Many economists have been predicting the decline of the dollar for some time now, citing factors such as rising debt levels and the increasing power of emerging economies like China.
However, Schiff’s warning is likely to be heeded by many investors who see gold as a safe haven asset in times of economic uncertainty. Gold has long been seen as a hedge against inflation and currency devaluation, and its value often rises during times of economic turmoil.
In conclusion, Peter Schiff’s warning about the US dollar losing its reserve currency status and the need to invest in gold as a safe haven asset is likely to be taken seriously by investors who are concerned about the current economic crisis. While some may also consider bitcoin as an alternative refuge, gold remains a tried and true asset for those seeking stability in uncertain times.
Read more:
- Peter Schiff Warns Of Significant Downturn For Bitcoin
- Peter Schiff Criticizes Bitcoin’s 20% Surge, Arguing Gold Is Still A Better Inflation Hedge