- 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 Fed's balance sheet swelled another $212.8 billion to $6.934 trillion last week, as money supply surged another $198.6 billion. This unprecedented level of inflation will only accelerate and end in complete disaster. The window to buy your #gold will not remain open for long.
— Peter Schiff (@PeterSchiff) May 14, 2020
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.
#BTC Peter Schiff again loving rise in traditional fund managers eyeing safe haven amidst rampant #Federalreserve policies, reduced block rewards, increased wallet addresses (adoption) and QE rates at 0 to negative % – I’ll pay ? to borrow money from me – nope I’ll buy Bitcoin
— Cryptokeeper87 (@Cryptokeeper87) May 15, 2020
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.