The yellow metal recently broke past the $2,630 mark, registering a new record high, but Peter Schiff, the well-known gold advocate, is concerned that investors aren\u2019t paying attention.<\/p>\n
According to him, the market\u2019s obsession with Bitcoin (BTC) has overshadowed the critical signals gold is sending about the state of the economy.<\/p>\n
\u201cWith so much attention focused on Bitcoin, investors are missing out on gold\u2019s gains and the significance of its rise,\u201d Schiff tweeted<\/a> on September 23, adding that inflation is poised to escalate due to loose monetary policy.<\/p>\n Often touted as \u201cdigital gold,\u201d the number one cryptocurrency has recently seen modest gains. However, the veteran stockbroker remains unimpressed, arguing that the cryptocurrency is far from reaching its previous highs and is continuing to trade in a narrow range.<\/p>\n Additionally, he suggested<\/a> that the largest cryptocurrency was unwittingly helping cover economic strategy errors allegedly made by the U.S. Federal Reserve. \u201cBitcoin is the best thing to have happened to the Fed, as it takes the spotlight off gold, which would otherwise expose their policy mistakes,\u201d the trader said.<\/p>\n Despite the BTC critic\u2019s warnings, many in the market see it as a legitimate alternative to gold. For example, in response to Schiff\u2019s assertions, one crypto analyst known only as \u201cNoodles\u201d said<\/a> that there is a special \u201caccordion-like\u201d relationship between the two commodities. It means that a correction in the precious metal could indicate a rally in the cryptocurrency.<\/p>\n The crypto detractor is adamant, though, that BTC is not a good hedge against inflation because of its volatility and speculative nature. He noted<\/a> that while gold has been on track for its best year since 1979, the crypto asset has yet to retest its previous all-time highs.<\/p>\n Gold is rising not just because of the inflation the Fed created in the past, but in anticipation of the much greater inflation the Fed will create in the near future.<\/p>\n In his opinion, cryptocurrency is more of a distraction than a solution. The proponent of free markets has urged investors to pay closer attention to the historical significance of gold\u2019s movements.<\/p>\n This is not Schiff\u2019s first attempt to downplay BTC. However, the founder of Euro Pacific Capital has a patchy record when it comes to his BTC predictions.<\/p>\n In May, he claimed that spot Ethereum ETFs would be bad<\/a> for the trillion-dollar crypto as investors would use their BTC allocations to buy into the ETH ETFs. At that time, Bitcoin was trading above $70,000, which at the time was the highest level it had been at in six weeks.<\/p>\n Another time, he referred to BTC as \u201cfool\u2019s gold,\u201d following the coin\u2019s stumble<\/a> in the market as it reacted to geopolitical tensions between Iran and Israel.<\/p>\n The post Peter Schiff Questions Market\u2019s Bitcoin Obsession as Gold Hits Record Highs<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The yellow metal recently broke past the $2,630 mark, registering a new record high, but Peter Schiff, the well-known gold advocate, is concerned that investors aren\u2019t paying attention. According to him, the market\u2019s obsession with Bitcoin (BTC) has overshadowed the critical signals gold is sending about the state of the economy. Schiff Decries Bitcoin Attention […]<\/p>\n","protected":false},"author":0,"featured_media":9177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9176"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9176"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9177"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Gold a Better Hedge Against Inflation Than Bitcoin?<\/h2>\n