Peter Schiff Bashes Bitcoin’s Price After Fed Cuts Interest Rates

Michael LaVere
  • Gold bug Peter Schiff criticized bitcoin's price following the Federal Reserve's emergency interest rate cut.
  • Schiff encouraged crypto investors to sell their bitcoin while promoting gold. 

Gold bug Peter Schiff is encouraging cryptocurrency investors to sell their bitcoin now after the price failed to appreciate following an emergency rate cut by the Federal Reserve. 

Schiff, who has become a regular critic of bitcoin and cryptoassets, published a tweet on Mar. 4 criticizing BTC’s lack of response to the Federal Reserve slashing interest rates by 0.50%. The economist pointed out that bitcoin failed to take advantage of the current volatility in the stock and bond market, despite being hailed as a safe-haven asset.

Schiff took the opportunity to promote gold amidst the global economic unrest caused by the coronavirus. He published a Yahoo Finance interview explaining that emergency interest-rate cuts by the Federal Reserve have historically benefited the price of gold. 

Schiff, who gained renown for predicting the 2008 financial collapse, has become a regular pundit for gold while being skeptical of bitcoin and crypto-assets. 

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Tim Draper Reveals He Owns Cryptocurrencies Other Than Bitcoin

Michael LaVere
  • American venture capitalist Tim Draper revealed owning more crypto-assets than just bitcoin.
  • Draper expects the value of bitcoin to increase as a result of the Federal Reserve's money-printing tactics. 

American venture capitalist and bitcoin bull Tim Draper claims to own “a lot of other cryptocurrencies” in addition to BTC. 

Speaking in a recent interview with British entrepreneur Rob Moore, Draper claimed that his diversified portfolio in crypto-assets had led to him being “surprisingly up” despite the economic impact of the coronavirus. 

He said, 

You know, when I played Monopoly, I never showed anybody how much money I had so so that you're not gonna get an up or down.

Draper also criticized the U.S. Federal Reserve’s money-printing response to the COVID-19 pandemic, which he said would lead to the dollar crashing in value. He claimed the impact of the falling dollar would drive more value into bitcoin. 

He said, 

There are only 21 million of them and they are going to be more and more valuable as you see governments have less and less.

Draper continued, saying his experience working as a venture capitalist and interviewing entrepreneurs has given him a “pretty good view” of what the future is going to look like. He expects governments to move towards decentralization in a competition for their own citizens. 

Featured Image Credit: Photo via Pixabay.com