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The head of the brokerage firm Euro Pacific Capital, a well-known adherent of investments in gold, Peter Schiff commented on not the best indicators of bitcoin. Amid economic uncertainty, cryptocurrency is not growing in price. Meanwhile, gold is on the rise, suggesting that precious metals are still the only reliable defensive asset.
Peter Schiff argues that the inability of the cryptocurrency to grow is a signal that in the future, the asset will not be able to demonstrate a bullish rally. The specialist recalled a sudden decrease in the Fed rate: against the backdrop of this event, the stock markets soared (though not for long), Bitcoin also showed an upward trajectory for some time, however, along with traditional assets, the digital coin rebounded several hours later to the previous mark.
Schiff notes that amid the volatility of the traditional assets market, bitcoin feels insecure, therefore, it is unlikely that cryptocurrency will rise in price under other circumstances. The specialist called not to hold digital coins, but to sell them immediately.
However, statistics say that over the past 8 years, investments in Bitcoin are the most reasonable: cryptocurrency has grown in price by more than 2,000 times, and gold has gone negative over this period.