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Peter Schiff Frightens Bitcoin Investors and Americans With Friday the 13th

In his view, record-high gold prices are not just a reflection of market trends. They signal something more concerning, like higher inflation, unemployment, rising long-term interest rates and maybe even a recession on the horizon.

While many are looking forward to the Federal Reserve cutting interest rates next week, which some think will give gold’s ongoing rally a boost, history shows that gold often does well in periods of monetary change.

For example, in September 2007, the Fed cut rates for the first time in four years after holding them steady at 5.25%. This led to a 45% surge in gold prices over the subsequent six months.

Meanwhile, Bitcoin, while seen by some as gold 2.0, has yet to emerge as such a safe haven in the eyes of the majority of market participants; while it is still seen as the digital gold due to its deflationary nature and scarcity, cryptocurrency as a whole is seen as beta to tech stocks and the riskiest assets.

That is why the performance of the NASDAQ may be more important to BTC than the precious metal right now, and why neither tech stocks nor digital assets are guaranteed against a free fall in a recession.

This article was originally published on U.Today


Source: Cryptocurrency - investing.com

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