Peter Schiff, one of the biggest bitcoin detractors among investors. This economist is not one to conceal his dislike for the digital asset. He continues to attack it every opportunity he has. Schiff, who always argued for stocks over bitcoin as an investment form, has now revealed his thoughts on what will trigger the digital asset’s rebound.
Bitcoin and the Nasdaq
Peter Schiff pushes the use of assets other than bitcoin, as usual. He can be found at latest tweet on TwitterHe has described a scenario in which bitcoin’s price would rise.
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Schiff said that BTC must continue its uptrend by relying on gold’s movements and the NASDAQ. According to economists, an increase in NASDAQ would lead inadvertently to a higher price for bitcoin. On the flip side, gold, which is currently one of the digital asset’s fiercest competitors, would need to go down, said Schiff.
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Explaining further, he laid out that the Fed’s success in bringing down the growing inflation rate was pertinent to this. The above scenario is possible as long as Fed can safely reduce the inflation rate to 2.2% without causing economic harm. For this to happen, there needs to be “minimal rate hikes and big cuts to government spending,” the tweet read.
But why Buy Bitcoin?
Normal Schiff behavior, the economist didn’t support Bitcoin despite believing the price will rise with the NASDAQ. For Schiff, in a scenario like this, there would simply be no need to buy bitcoin, stating “in that scenario why own Bitcoin?”
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To #BitcoinTo go up, the NASDAQ has to go up #gold must go down. This is how it will happen. #FedMust be able to bring about success #inflationIt is possible to reduce the rate to as low as 2% and not harm the economy. This requires very minimal rate increases and large cuts in government spending. In this scenario, why would you want to own Bitcoin?
— Peter Schiff (@PeterSchiff) March 14, 2022
Schiff has never been a fan of bitcoin and despite the digital asset’s outperformance over the years, continues to diss it at every turn. In 2020, the economist is noted referring to the cryptocurrency as the “biggest” bubble he’s ever seen. In the same year also making comments that BTC was a “fad” and was on its way down to zero. But bitcoin has doubled since these two comments.
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