Accéder au contenu principal

Renowned Economist Drops Bombshell On The US Dollar: Can Bitcoin Provide Safe Haven?

Renowned Economist Peter Schiff has warned about an imminent fall in the US Dollar and the country’s economy. If his warning is anything to go by, then a case could be made for cryptocurrencies and Bitcoin in particular

US Dollar On Verge Of Historic Crash

In a post shared on his X (formerly Twitter), Peter Schiff stated that the US dollar is on the verge of a historic crash. He highlighted how this could affect the country’s economy as inflation, interest rates, and unemployment would soar. The economist seems to believe that the fall in the currency will be catastrophic as he says, “It’s crash and burn.”

Schiff went on to back up his point in a subsequent post. He stated that the US economy is already in recession. He noted that although the country’s GDP grew by 5.2% in Q3, the government’s spending contributed 5.5% to this. He also alluded to the fact that this money spent was borrowed money and didn’t reflect “real economic growth.”

He sounded a note of warning to those who may be looking to invest in bonds to hedge against this economic downturn. According to him, the economy is weaker than the Feds think, and this would result in larger budget deficits and higher inflation. This, he believes, is bearish for bonds. 

BTC bulls hold above $37,000 | Source: BTCUSD on Tradingview.com

Bitcoin Could Be The Most Viable Alternative

In all of this, Schiff seemed to be making a case for Gold as he stated the world would turn to it as the “most viable alternative” to avoid getting burned. However, cryptocurrencies (Bitcoin in particular) can argued to be a better alternative. In one of his posts, he hinted at how Gold was underperforming, and one could take a cue from that as to why crypto tokens may be better. 

Despite being in a bear market, Bitcoin is one of the best-performing assets of the year.  The Director of Global Macro at Fidelity Investments, Jurrien Timmer, recently made a good case for Bitcoin. Timmer highlighted how Bitcoin’s features allow it to be a “high-powered hedge against monetary shenanigans.

In comparison to other asset classes, Timer also noted how Bitcoin stood out. The flagship cryptocurrency provided the best risk-reward with a 58% return based on data ranging from 2020 to this year. In terms of drawdowns and rallies, Bitcoin also stood out with an 84% gain from its 2-year low.

Bitcoin risk reward

Source: Fidelity Investments

Specifically, Timmer stated that Government bonds “can’t hold a candle” to Bitcoin’s risk-reward math. In comparison to Gold, the Fidelity Director also suggested that Bitcoin was better than Gold, considering that he labeled it as “exponential gold.”

Featured image from E-Commerce Times, chart from Tradingview.com


Source link

The post Renowned Economist Drops Bombshell On The US Dollar: Can Bitcoin Provide Safe Haven? appeared first on Job From Home Blog.

Commentaires

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...