Peter Schiff, the CEO of the Investment Advisory company Euro Pacific Capital is seen saying that this is the last chance to buy gold as an inflation hedge. Bitcoin Enthusiasts stand against the statement.
Recently, the prominent gold bug and BTC critic has shared data on the increase of the Fed Reserve’s balance sheet, predicting a tremendous level of inflation in the coming future.
A Few days back we’ve reported the Schiff’s debate over Bitcoin Vs Gold with A.Pompiliano and he is also seen defaming the existence bitcoin and its application in different way and different platforms
Having always choosed gold over Bitcoin, Schiff is now telling his followers to start purchasing gold as an inflation hedge while the XAU price has not yet skyrocketed.
Peter Schiff has taken to Twitter to remind his followers of the fact that the Fed has continued printing USD non-stop, pointing out that last week, the Fed’s balance sheet surged from $212.8 bln to $6.934 trl.
The Euro Pacific Capital CEO predicts a breakout of massive inflation later on and expects things in this area to ultimately get worse.
He warns his subscribers that gold might surge soon and that it is a good idea to buy it while it is still $1,722 per ounce.
Peter Schiff slammed by Bitcoin Community
On the other hand, the Euro Pacific Capital CEO Slammed by the Bitcoin Communityand faced criticism from Bitcoiners.
The Bitcoin Believers are telling him that it is BTC, not gold, that has proven to be the perfect hedge against the Fed’s cash printing.
The responses in the comments came, probably, different to what Peter Schiff had expected – people started objecting and saying that Bitcoin has been a better hedge over gold this year.
Bitcoin is the hedge
Additionally, Bitcoin maximalist and entrepreneur Jimmy Song also throwed a light on the topic of Bitcoin and the high inflation expected soon, due to the Fed’s QE.
Jimmy stated that the consequences will not be felt as heavily in the US as they will be in developing countries within the next year and a half. He stated that Bitcoin is the hedge in this case.
“M2 Money stock has increased 15% ($15.4T to $17.7T) in the period between Feb 3 2020 and May 4 2020. That’s 13 weeks. Annualized, that’s 75%. Most of that isn’t going to be felt in the US. Most of that will be felt in emerging markets the next 18 months. Bitcoin is the hedge.”