As a seasoned analyst with over three decades of experience in the financial markets, I find Peter Schiff’s statement intriguing, albeit unconventional. While Bitcoin’s anti-establishment nature might seem counterintuitive to the Fed, it’s essential to remember that the central bank thrives on control and stability – two things that digital currencies like Bitcoin challenge.
Financial commentator Peter Schiff claims that Bitcoin is actually “the best thing to have happened to the Fed” despite its anti-establishment nature.
Schiff contends that instead of gold, the foremost cryptocurrency by market value is drawing attention. If gold had recently increased in value, it would have highlighted errors in monetary policy made by the central bank.
Gold has reached another unprecedented peak at approximately $2,630, continuing its strong surge following the U.S. Federal Reserve’s unexpected decision to lower interest rates by half a percentage point.
After the recent interest rate reduction, Bitcoin has managed to regain a foothold at approximately $64,000. However, it’s still significantly short of its all-time peak which was achieved back in March.
Currently, Bitcoin trader Peter Brandt foresees an instance where Bitcoin might significantly surpass gold due to a distinctive inverse head-and-shoulders (iH&S) pattern he has identified in the market.
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2024-09-23 11:11