Bitcoin is actually beneficial for the Fed, Schiff says
Schiff argues that the leading cryptocurrency by market capitalization is actually taking the spotlight away from gold. The recent appreciation of the yellow metal would otherwise"expose" the policy mistakes of the central bank. Bitcoin to Rocket 518%? Veteran Trader Peter Brandt Says Yes
Gold recently hit yet another record high of $2,630. The precious metal has been on a tear since the U.S. Federal Reserve opted for a bigger-than-expected 50-basis point rate cut. Bitcoin has also gained some ground following the rate cut, recently reclaiming the $64,000 level. That said, the cryptocurrency remains well below its record high that was originally reached in March.
Meanwhile, commodity trader Peter Brandt recently predicted that Bitcoin could start massively outperforming gold based on the inverse head-and-shoulders pattern that he had spotted. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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