The prices of gold and silver have been skyrocketing as of late, tempting investors to pivot towards them. The precious metals are rallying at a record pace, trading at $2,370 and $28, respectively. This sudden development in the metal sector is compelling economists to forecast new price thresholds for them to breach, outpacing any contemporaries leveling the space.
The precious metal spikes are now compelling analysts to gnaw at Bitcoin by pivoting investor sentiment towards the bullish metal wave. Several economists and experts are busy posting a mix of opinions on X, and some of them can be seen bashing investments made in Bitcoin.
Also Read: Peter Schiff Warns of US ‘Financial Crisis’ Amid FED Inflation Fight
Bitcoin Is Dead Money, Says Peter Schiff
Peter Schiff, a notable economist and financial expert, has once again attracted the spotlight by making new comments about Bitcoin. Schiff took to X to share his views on BTC, adding that investors should invest in gold, silver, and mining stocks rather than putting their money in Bitcoin.
Furthermore, the chief economist later reiterated his brutal stance towards Bitcoin by urging investors to sell their BTC before it’s “buried,” or dead.
“Gold, silver, and the mining stocks look like they are all ready to explode higher. Both the charts and the fundamentals have never looked better. Bitcoin is dead money. Sell it before it’s buried. Take advantage of what could be the biggest precious metals bull market in history.”
The price of gold has accelerated at a record pace, compounded by worsening war situations around the world. The precious metal surge has further gained prominence due to rising inflationary pressure. This development is compelling investors to pivot towards alternative investment tools such as gold and bitcoin.
While gold and silver have always been dubbed excellent sources of investment, BTC, on the other hand, has drawn significant criticism amid a rising metal rally.
On the contrary, Bitcoin has been performing exceptionally well as of late, outshining its contemporaries at a rapid pace. The token is currently sitting at $64K, after touching an all-time high of $70K this season.
Diverse Investment Options Have Divided Consumer Interest.
Schiff’s comments on Bitcoin have come at a time when the US is battling an intense debt scenario. The US debt metrics have crossed the $34 trillion mark, adding intense pressure to the equity market. Investors, who are stricken with panic, are now desperately in search of newer investment alternatives to seek refuge in, bolstering the prices of gold and bitcoin in their wake.
With Russia and China charting their course without the use of USD, the world dynamics are now changing, giving rise to new financial narratives and regimens.
Will Bitcoin Die A Slow Death?
With the precious metal surge and rally in the mix, several traditional market experts are busy propagating reliable trading methodologies to gain prominence in the space. Schiff’s views urge investors to stick to low-risk assets that are capable of delivering quality returns.
Also Read: BRICS: Top Economist Predicts Future of the U.S. Dollar
However, the recent metal rally does not undermine the meteoric rise of Bitcoin in any way. The token has carved a significant price threshold in the market after weathering a mix of bearish storms and sentiments. With the looming fear of USD and stock market crashes sweeping up the space, Bitcoin is gaining massive momentum through the launch of BTC ETFs, which are capable tools for insulating users’ returns in real time.
The Inverted Yield Curve is a sign of things to come. A prime example of why you should buy #Bitcoin .
Historically, Inverted Yield Curve = a stock market crash of -50%. Only has happened three times in history – 1929, 1979, and 2008. pic.twitter.com/f1A1R3btRY
— The Cat
(@JustAC4t) May 9, 2024
Per several analysts on X, Bitcoin is poised to cross the $75k mark. BTC is developing into an avenue capable of harboring and disseminating steady returns. The booming sector analytics project that Bitcoin is here to stay for a long time.
