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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Gold’s About To Explode, Economist Says—But Can Bitcoin Keep Up?

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Gold shone to a record peak yesterday to a little over $3,400 an ounce as investors get jittery about the economy. The increase comes as the US dollar retreats to a three-year low and tensions between large economies rise, especially from the US-China trade front.

Gold Soars As Dollar Weakens And Trade Wars Heat Up

Based on market numbers, gold’s price spike to $3,430 mirrors increasing worry among investors regarding inflation and the world’s economic stability. The precious metal, traditionally regarded as a safe haven in times of uncertainty, has the potential to breach $3,500 in the middle of the year if trends persist, analyst said.

Economist Peter Schiff, an advocate for investments in gold over the years, recently tweeted that the price of the yellow metal could go higher still if interest rates are slashed by the Federal Reserve. According to Schiff, gold’s value will appreciate based on its tangible form and rarity.

Numerous investors are removing funds from volatile assets and diverting them towards gold, building up the commodity’s status as a solid form of investment amidst choppy market conditions, according to reports.

Schiff Warns Of Potential Economic Collapse

Schiff has issued a warning regarding the US economy, connecting new tariff proposals to a potential recession. He cautioned investors to brace for a steep market decline, stating that the shares are still overvalued despite recent drops.

He also issued a dire warning that if there is a recession, the United States may experience its worst economic downturn since the Great Depression. He implied that even a 50% market collapse may not accurately represent how bad things might become.

Bitcoin Climbs Despite Ongoing Criticism

As gold makes the headlines, Bitcoin crept up to $86,885, rising by 2.80% as per the data by Coingecko. The digital currency registered a four-week record from recent trading sessions, CoinMarketCap data shows.

Not everybody views the growth of Bitcoin as sustainable. Schiff is very much opposed to the cryptocurrency, shooting down a proposal to include Bitcoin in national reserves after the coin recently fell by 12% in value.

Schiff pointed out that while gold regularly swings between 10-20% a year, Bitcoin regularly varies by more than 50%, and so is too volatile in his opinion.

Some Experts Remain Bullish On Crypto’s Future

Despite the criticism, some market watchers remain positive about Bitcoin’s prospects. Jan3 CEO Samson Mow believes that Bitcoin could reach $1 million much sooner than his previous forecast of 2031.

Adding fuel to the bullish narrative, Strategy, headed by Michael Saylor, recently bought 6,556 Bitcoin for $555 million. The stock of the company has rebounded since the announcement, indicating ongoing institutional faith in cryptocurrency as a potential hedge against inflation.

Meanwhile, ‘Rich Dad Poor Dad’ author Robert Kiyosaki believes Bitcoin could reach between $180,000 and $200,000 this year, citing economic uncertainty and the world’s leading crypto’s fixed supply as supporting factors.

Featured image from Vaulted, chart from TradingView

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