Peter Schiff Prefers Gold-Backed Cryptocurrency Over Bitcoin in Crisis
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Benzinga
- Preference for Gold-Backed Crypto: In an interview, Peter Schiff stated that during a currency crisis in Iran, he would prefer a gold-backed cryptocurrency over Bitcoin, citing Bitcoin's lack of tangible backing.
- Advantages of Stablecoins: Schiff emphasized that in Iran's economic turmoil, using stablecoins, particularly tokenized gold, would be a better option, providing more reliable value protection.
- Current State of Iranian Currency: The Iranian Rial has nearly lost its value against the dollar, pushing more people towards cryptocurrencies as a hedge, despite internet shutdowns complicating transactions.
- Performance of Digital Gold: Compared to Bitcoin, gold-backed cryptocurrencies like Tether Gold and PAX Gold have surged over 70% in the past year, while Bitcoin has declined by 4.17%, highlighting their relative reliability in unstable markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
