Famous economist, Bitcoin opponent and gold advocate Peter Schiff recently gave an interview. The economist has striking views. Accordingly, he expresses increasing concerns about the stability of the US dollar. On the other hand, he predicts that a “major crisis” is approaching that could throw the economy into turmoil.
Growing debt dilemma from Bitcoin opponent
In Bitcoin opponent Schiff’s interview with David Rodriguez, the ever-increasing debts of the US government were on the agenda. Also the widening annual deficits were discussed. On the other hand, there is a gloomy picture for the future of the country’s fiat currency. Schiff emphasizes the urgency of the situation. He also strongly recommends investors consider exiting the US dollar. According to him, there will soon be a flood in which there will be a rush to get out of the dollar.
The US national debt is now over $33 trillion. Moreover, Bitcoin critic Schiff believes that the repercussions of this financial burden will soon emerge as debt interest payments become the government’s largest expenditure. According to Schiff’s prediction, debt interest will be the government’s biggest expense next year. In the end, this will be the only expense. If it continues like this, there will be no money left for anything but interest.
Coming crisis and global response
Bitcoin critic Schiff also warns that a “major crisis” is on the horizon. He notes that many countries have begun to adopt alternative national currencies in international trade. On the other hand, he states that this is a trend that may weaken the dominance of the US dollar.
Schiff emphasized that the use of the US dollar as a tool to freeze Russia’s assets following its invasion of Ukraine was “a huge wake-up call for every nation in the world.” At this point, Bitcoin opponent Schiff said, “This sent a message. ‘Get out of the dollar! Otherwise, you are in a very fragile position. Because they can penalize you for using US dollars.” says.
Snowball effect and the role of gold
Bitcoin critic Schiff suggests the US dollar could experience a collapse triggered by a snowball effect. Currently low interest rates support the dollar, deterring creditors from quickly abandoning fiat currency. However, if the value of the dollar falls significantly from current levels, creditors will reconsider their stance.
The Bitcoin and altcoin market is facing potential turbulence with FTX likely selling a $3 billion cryptocurrency. However, when we look at cryptokoin.com, some analysts think that gold may emerge as a safe haven. Carley Garner, co-founder of the brokerage firm DeCarley Trading, recently stated that gold maintains critical support levels. He also pointed out that it could be poised to rise to all-time highs, especially as the US dollar loses momentum.
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