Peter Schiff: Massive Inflation Will Turn Out Disastrous, Buy Gold Before Its Too Late

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Peter Schiff, a financial commentator, and Euro Pacific Capital CEO took to Twitter earlier today to share Fed’s balance sheet data.
  • Also a Bitcoin critic, Schiff calls user’s attention by suggesting they buy gold before the ideal time slips away.
  • The Euro Pacific Capital CEO further highlighted that this level of rising inflation will only continue to exceed and turn out disastrous.
  • However, the Twitter community reminded him that it is Bitcoin that stood as a hedge against inflation and not gold.

Peter Schiff, a financial commentator, and Euro Pacific Capital CEO took to Twitter earlier today to share Fed’s balance sheet data.  Also a Bitcoin critic, Schiff calls user’s attention by suggesting they buy gold before the ideal time slips away. He stressed the fact that the Fed’s balance sheet rose to $$6.934 trillion from $212.8 billion over the last week. And therefore signifying that the Fed was continually printing USD without a stop. 

The Euro Pacific Capital chief global strategist further highlighted that this level of rising in inflation will only continue to exceed. And that such a rise will do no good but will ultimately turn out to be disastrous. 

Now is the time to buy Gold, says Euro Pacific Capital CEO

Besides highlighting the Fed’s balance sheet data, he suggests his users buy gold before its price rises rapidly. Thereby he predicts there will soon be a massive inflation surge.  The gold price at current stands at $1,722 per ounce. It must, however, be noted that Bitcoin had been a hedge against inflation throughout the year. It revived its status despite the crisis that came on its path.

Bitcoiners respond to Schiff claiming BTC has been a better hedge this year

However, this financial commentator was not to go without receiving a few bitter replies from Bitcoiners. Also, it is obvious to arise responses from Bitcoiners who are familiar with the overall BTC’s performance. The Twitter community reminded him that it is Bitcoin that stood as a hedge against inflation and not gold. Few responded claiming that BTC  had outperformed gold in being an inflation hedge this year. 

Schiff is however not the only one to predict massive inflation in the near future. Bitcoin maximalist Jimmy Song expects a rise in inflation in a short while too. Regardless, on the contrary to Schiff’s opinion, Song believes Bitcoin will prove to be a hedge against inflation.

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