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Bitcoin’s Rise Will Accelerate US Dollar’s Downfall, Gold Will Ultimately Win: Peter Schiff

Peter Schiff believes that if America allows having a strategic Bitcoin reserve, it could accelerate USD's demise while benefitting Gold.
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Bitcoin’s Rise Will Accelerate US Dollar’s Downfall, Gold Will Ultimately Win: Peter Schiff

Highlights

  • Economist Peter Schiff warns that having a Bitcoin strategic reserve could accelerate the dollar's decline.
  • He predicts gold will ultimately outperform Bitcoin in the long term.
  • On the other hand, Robert Kiyosaki asserts that Bitcoin could alleviate America's financial struggles.
  • Bitcoin has surged 6.24% to $92,296 showing strength ahead of White House Crypto summit.

As enthusiasm builds around Donald Trump’s crypto reserve plan, the spotlight is on Bitcoin’s potential to rival the U.S. Dollar. Economist Peter Schiff asserts that Bitcoin’s dominance could lead to the downfall of the U.S. dollar following the government’s adoption of Bitcoin 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.

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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.

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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.

Source: Ali Charts

On the other hand, altcoins are also showing strength with Ethereum (ETH) price recovering more than 15% from the weekly bottom of $2,000.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial 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. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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