Bitcoin (BTC) Outperforms Gold (XAU) as Safe Haven in Present QE: Pomp to Peter Schiff

Libra Coin News
Thu, 05/14/2020 - 08:16
Yuri Molchan
The gold bug Peter Schiff names gold as a way to oppose the Fed and the present massive QE, but Anthony Pomp says that Bitcoin is outperforming XAU as a safe haven
Cover image via twitter.com
Contents

After the recent proposal of the US Democratic party to issue another $3 trl and launch another round of $1,200 survival checks, the crypto Twitter is boiling with discussions that another chance for Bitcoin to demonstrate its safe haven properties has emerged.

The vocal Bitcoin critic and a gold bug Peter Schiff has taken to Twitter to persuade his followers that purchasing gold at this stage is a good way to oppose another round of the massive QE.

However, the Bitcoin community, including major figures, like Anthony Pompliano, are reminding Schiff that BTC has been outperforming gold this year so far and during the present QE in particular.

‘Don't fight the Fed. Buy gold now’

Peter Schiff has commented on the recent discussion in the US government brought on by the Democrats to greenlight the release of another $3 trl to support the economy and US citizens during the continuous lockdown.

The gold bug Schiff tweeted that the inflation could be averted if people were allowed to get back to work now but the Fed is only making things worse.

“Powell is correct, employment doesn't cause inflation, the Fed does.  People working to produce stuff lowers prices. It's the Fed working its printing press than make them go up. If Powell thinks high unemployed gives the Fed license to print without consequence, he's dead wrong.”

Later, Peter Schiff suggested his followers buy gold to secure their funds against the money printing which is likely to resume soon.

However, the crypto community, including the VC investor and BTC advocate Anthony Pompliano, flooded the thread with comments of objection.

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Pomp: Bitcoin outperforms gold as a safe haven in this QE

Anthony Pompliano has reminded Schiff that so far in the course of the current long-lasting quantitative easing Bitcoin has been outperforming gold as a safe haven asset.

Other Bitcoin community members also tweeted their doubts that buying gold instead of Bitcoin now is a perfect way to oppose the Fed’s decisions.

Crypto expert Whale Panda has shared data confirming that recently Bitcoin has been outperforming gold, oil and other traditional assets.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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