Popular economist Peter Schiff believes that Bitcoin will accelerate the demise of the U.S. dollar if the government adopts it as a US strategic reserve. Last Sunday, President Donald Trump signed an executive order to declare BTC along with a few other altcoins as part of US reserves. Investors are now awaiting more details at the first White House Crypto Summit scheduled on Friday.
Peter Schiff Predicts Dollar’s Demise Amid Bitcoin’s Rise
Economist Peter Schiff has expressed concerns on the implications of the United States creating a strategic BTC reserve. He stated that if BTC’s success hinges on the failure of the U.S. dollar, such a move would hasten the dollar’s decline. However, Schiff believes that in this fight of BTC vs USD, Gold will emerge as the ultimate winner.
“This development might provide a short-term boost for Bitcoin, but in the long run, gold will emerge as the ultimate winner.”
His comments reflect ongoing debates about Bitcoin’s role in global financial systems and its potential to disrupt traditional fiat currencies. Schiff’s comments also reflect upon macro conditions and the volatility in the US market as the Trump trade war kicks off.
While Schiff is against BTC reserves, market veterans like Robert Kiyosaki believe that Bitcoin will resolve America’s financial woes. He asserts that individuals who sold their BTC during the recent market crash may regret missing out on potential gains, while those who held onto their holdings will emerge as ultimate winners.
Will BTC Price Rally Continue Past $100,000?
Just ahead of the first White House Crypto Summit scheduled for Friday, Bitcoin and altcoins are showing strength once again. The BTC price is up by an additional 6.24% in the last 24 hours and is currently trading at $92,296 levels with a market cap of $1.830 trillion. As per the coinglass data, the BTC open interest is also up 8.09% to more than $51.38 billion.
Crypto analyst Ali Martinez suggests that if Bitcoin (BTC) reclaims the $97,000 level, it could gather momentum for a potential surge toward $150,000, as indicated by the Pi Cycle Top metric.
On the other hand, altcoins are also showing strength with Ethereum (ETH) price recovering more than 15% from the weekly bottom of $2,000.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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