According to economist Peter Schiff, the reasons why Bitcoin and Gold are up this year are diametrically opposed

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The rise of bitcoin and gold this year has been described by economist and gold enthusiast Peter Schiff.

He asserted that the price of gold is rising because investors see the metal as a hedge against inflation and a declining dollar. He said, “They’re rising for opposite reasons.”

Gold enthusiast and economist Peter Schiff offers his explanation on why the price of gold and bitcoin is increasing this year.

In 2023, both gold and bitcoin are up, but for different reasons.

The economist explained that while bitcoin is surging alongside other high-risk assets as speculators anticipate that a Fed turn will create a rally in 2022’s greatest losers, gold is rising as a hedge against inflation and a weaker currency.

Several Twitter users responded to Schiff’s tweet claiming that gold is not a viable inflation hedge by expressing their disagreement.

A few individuals mistook the gold bug’s tweet for a BTC buy signal.

Unlike Schiff, some individuals think that bitcoin is a more effective inflation hedge than gold.

Tim Draper, a venture capitalist, has stated time and time again that he is positive about bitcoin because of its ability to act as an inflation hedge.

Paul Tudor Jones, a billionaire hedge fund manager, has also stated that he prefers bitcoin to gold and anticipates that the price of BTC will be “far higher.”

Since Schiff’s Sell Recommendation, Bitcoin has outperformed Gold.

Additionally, a lot of individuals on Twitter highlighted how bitcoin has outperformed gold, highlighting how the price of BTC has dramatically increased since the gold bug’s sell advise.

Bitcoin supporter Peter McCormack tweeted on Sunday in response to Schiff’s Jan. 12 tweet advising investors to sell their BTC at the $18K mark: While acknowledging that the price of bitcoin has increased since he advised people to dump their coins, Schiff countered that he also advised people to sell their BTC when its price was well over $60K.

While gold futures and spot prices have both increased by roughly 7% over the past 30 days, bitcoin is currently trading at $22,838.33, up about 35% at the time of writing.

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