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This Is Not a Crypto Ice Age but Crypto Extinction: Economist Schiff

Chief Economist says that this is not a crypto winter nor ice age, but crypto extinction.Schiff broke the previous keynote speaker’s advice to sell gold and buy...
This Is Not a Crypto Ice Age but Crypto Extinction: Economist Schiff This Is Not a Crypto Ice Age but Crypto Extinction: Economist Schiff
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  • Chief Economist says that this is not a crypto winter nor ice age, but crypto extinction.
  • Schiff broke the previous keynote speaker’s advice to sell gold and buy Bitcoin.
  • Gold is down 4%, and Bitcoin is down 73%, states Schiff in his Twitter post.

Chief Economist & Global Strategist of Euro Pacific Capital, Peter Schiff, wrote in a Twitter post that this was not a crypto winter that will be followed by a spring, which meant there wouldn’t be a prosperous time for crypto again.

Moreover, while elaborating on this point, Schiff stated that the hardship that the crypto industry was going through was not short-lived. In a more concise explanation, Schiff stated that this was not even the crypto ice age which eventually came to an end after millions of years, but rather a cryptocurrency industry extinction.

In his tweet, Schiff wrote:

“This is also not a crypto ice age, as even that came to an end after a couple of million years. This is crypto extinction. But blockchain will live on. #Gold will rise again to lead a new breed of asset-backed cryptos.”

Importantly, Schiff mentioned that gold will rise to lead asset-based crypto or stablecoins. Moreover, it seemed that Schiff preferred gold-backed crypto due to the less volatile nature of gold. In a Twitter post, Schiff compared the volatility of gold against Bitcoin.

Additionally Schiff shared a Twitter post where he delivered a keynote speech at the at DMCC’s Dubai Precious Metals Conference. In his tweet, Schiff recalls the advice given by Micheal Saylor, the keynote speaker of the previous year’s Dubai Precious Metals Conference.

As per the description in the tweet, Saylor, the co-founder of MicroStrategy, a company that provides business intelligence, advised the community to sell gold and buy Bitcoin.

Interestingly, Schiff debunked Saylor’s advice to sell gold and buy Bitcoin. Schiff’s Twitter post read: “On the day he⦗Saylor⦘ spoke Bitcoin traded above $60K while gold was trading near $1,850. Since then gold is down 4% and Bitcoin is down 73%.”

The post This Is Not a Crypto Ice Age but Crypto Extinction: Economist Schiff appeared first on Coin Edition.

See original on CoinEdition

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

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Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

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Gold Futures

2,295.80

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Silver Futures

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4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

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4,920.55

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S&P 500

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DAX

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FTSE 100

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Hang Seng

17,763.03

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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Neutral

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

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Siemens AG Class N

175.90

-1.74 (-0.98%)

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Deutsche Bank AG

15.010

-0.094 (-0.62%)

Summary

Neutral

Moving Avg:

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Sell (2)

    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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