Bitcoin, FED and Gold Comment From Peter Schiff: “It’s Too Bad That Bitcoiners Didn’t Do This”

cryptocurrencies and especially bitcoin Peter Schiff, who frequently comes to the fore with his negative comments and criticisms about BTC, re-commented on BTC after an unusually long time.

A prominent gold advocate, Schiff’s bank in Puerto Rico had recently gone bankrupt.

“It’s Too Bad Bitcoin HODLers Haven’t Bought Gold”

In a recent tweet today, Schiff argued that while Bitcoin investors may be misled in their belief in the future of this cryptocurrency, they are right to worry about the Fed and inflation.

According to Schiff, most investors are unaware of the current financial crisis, as well as the much larger currency and sovereign debt crisis in the US that he believes is on the horizon.

“It’s too bad Bitcoin HODLers haven’t bought gold,” Schiff tweeted.

Bitcoin buyers may be wrong about #Bitcoinbut they’re right about the #Fed and #inflation. Most investors are oblivious to the current #FinancialCrisis and the far greater currency and sovereign debt crisis it will ultimately become. It’s just too bad #HODLers didn’t buy #gold.

— Peter Schiff (@PeterSchiff) March 23, 2023

Peter Schiff also criticized some of the actions of Fed Chairman Jerome Powell.

Schiff criticized Fed Chairman Jerome Powell for his definition of Quantitative Relaxation (QE). Schiff’s comments came in response to a statement Powell made in a recent statement.

#powell claims the #Fed isn’t doing QE because it’s not printing money and buying bonds specifically to lower long-term interest rates. Therefor, its asset purchases don’t qualify as QE. When the Fed does QE when it wants to its QE, but when it does it because it has to it’s not.

— Peter Schiff (@PeterSchiff) March 22, 2023

During the interview, Powell claimed that the Fed does not do QE because it does not directly print money and does not buy bonds to lower long-term interest rates. According to Powell, the Fed’s asset purchases do not qualify as QE because their primary purpose is to ensure the smooth functioning of financial markets.

However, Schiff disagreed with Powell’s argument, stating that the Fed’s asset purchases should still be considered QE regardless of their purpose. Schiff argued that when the FED makes asset purchases for its own sake, as in economic recovery periods, it is called QE.

QE stands for Quantitative Relaxation, a monetary policy tool used by central banks to stimulate economic growth and stabilize financial markets.

In simple terms, QE involves the central bank buying large amounts of government securities or other assets from banks and other financial institutions. By injecting new money into the economy in this way, it is aimed to increase the money supply, reduce interest rates, and encourage lending and investment.

*Not investment advice.