The yellow metal recently broke past the $2,630 mark, registering a new record high, but Peter Schiff, the well-known gold advocate, is concerned that investors aren’t paying attention.
Despite the BTC critic’s warnings, many in the market see it as a legitimate alternative to gold. For example, in response to Schiff’s assertions, one crypto analyst known only as “Noodles”that there is a special “accordion-like” relationship between the two commodities. It means that a correction in the precious metal could indicate a rally in the cryptocurrency.
In his opinion, cryptocurrency is more of a distraction than a solution. The proponent of free markets has urged investors to pay closer attention to the historical significance of gold’s movements.
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