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Sonakshi Saxena
Dec 6, 2023
by Sonakshi Saxena

Peter Schiff Predicts Bitcoin's 'Spectacular Collapse

Peter Schiff

Table of contents

  1. Schiff: Gold Rally Genuine Amid Dollar Crash Anticipation
Peter Schiff, the chief economist at Europac, has shared his perspective on recent developments in the gold and bitcoin markets. Schiff suggests that the recent pullback in gold prices, following their record highs last week, has created an opportunity for bitcoin prices to rise concurrently.

He criticized CNBC reports that refer to bitcoin as "digital gold," particularly as other cryptocurrencies experienced a marketwide surge. Schiff questioned whether all these tokens are considered digital versions of gold and dismissed them as modern-day versions of "fools' gold."

Schiff: Gold Rally Genuine Amid Dollar Crash Anticipation

In contrast, Schiff asserted that the rally in gold prices was genuine. In a subsequent post, he emphasized that the gold pullback to the $2000-level was a result of natural profit-taking and speculative short positions entering the market.

Schiff's thesis posits that the rise in gold prices is linked to the anticipated crash of the U.S. dollar and the American economy. According to him, global powers are increasing their gold purchases as it is perceived as the "most viable alternative" to the U.S. currency.

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Peter Schiff
Peter Schiff Predicts Bitcoin's 'Spectacular Collapse
Sonakshi Saxena
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

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