Economist Peter Schiff is Confused: Bitcoin & Gold Are Both Up – but For Completely Different Reasons!
It seems Peter Schiff can’t understand it; why are gold and Bitcoin both going up in value – but for entirely different reasons?
The famous economist believes that this strange phenomenon is happening, and he’s tried to explain why both assets are performing so well. In his own words, here’s why he believes both are seeing success.
Peter Schiff: Bitcoin and Gold Are on Opposite Ends of the Spectrum
When asked about the upward trends in the values of both assets, Peter Schiff replied that it’s because they’re complete opposites.
“Gold is rising because investors are abandoning risky securities and buying a safe haven asset as a Store of Value”, he said. “On the other hand, investors are buying Bitcoin because of its Risky Appreciation. So, they are rising for opposite reasons”.
He believes that this dynamic can only last so long, and eventually the price of Bitcoin and Gold will eventually separate; one will inevitably be the better asset to hold.
But What Does the Future Hold?
Peter Schiff was also asked what he thinks the future holds for both Bitcoin and Gold. He believes that right now we’re in a transition period, and eventually the two assets will part ways, so to speak.
He believes that gold will prove to be the superior long-term store of value and that Bitcoin is more of a speculative asset; something that investors can use to make quick profits, but not necessarily a reliable safe haven.
It’s fascinating to see both gold and Bitcoin performing so well at the same time, but for completely different reasons. While economist Peter Schiff believes that one will eventually become the superior asset to own, there’s no telling which one will come out on top.
Only time will tell, but it’s safe to say that it’s an exciting time for both commodities – and investors should keep a close eye on both gold and Bitcoin to see which one comes out on top!
So if you’re wondering what the future holds for both gold and Bitcoin, the only thing we can do is wait and see!
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