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Bitcoin (BTC) Could Fix Problem Described by Peter Schiff

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Fri, 02/28/2020 - 14:35
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  • Famous Bitcoin critic Peter Schiff is criticizing the Fed’s potential decision on interest rates, the community says that Bitcoin can fix it

Cover image via en.wikipedia.org
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Euro Pacific Capital CEO Peter Schiff is well-known in the crypto community for his heavy critiques of Bitcoin. Recently, Schiff reached headlines with a story about losing the private keys to his Bitcoin wallet.

Even though Schiff stands against everything crypto and supports the legacy financial system with banks, he is now warning that cutting interest rates by the Fed could have a negative impact on the US economy.

The community responds to his tweet – ‘Bitcoin fixes it’.

‘Cutting interest rates is a mistake’

Peter Schiff has taken to Twitter to comment on the Fed possibly implementing lower interest rates – a step the US Central bank may take to try to save the stock market and the economy of the country the rest of the world depends on.

He points out that rate cuts made earlier (starting from the financial crisis of 2008) have put the economy into its current state and made it vulnerable.

Cutting rates and quantitative easing cannot solve real economic problems, Schiff reminds his followers in his next tweet. They only make the root of the problem worse, he says.

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‘Bitcoin fixes it’

Crypto analyst PlanB has also touched on the problem of negative rates in his recent tweet. He states that, where he lives, negative interest rates have already been implemented with savings accounts. PlanB also says that pension funds are having difficulty making returns.

Bitcoin could be the answer to all of that, the analyst says, as it is now considered to be a safe haven asset by the crypto community.

PlanB
Image via Twitter

Similar suggestions were made in the comment thread to Schiff’s tweet.

BTC
Image via Twitter

Peter Schiff disagrees

After a recent interview Morgan Creek Digital partner Anthony Pompliano gave to CNN, Schiff initiated a dispute with Pomp on Twitter regarding Bitcoin.

Schiff got on his hobby-horse trying to convince Pompliano that BTC is not a safe haven asset.

In response to his BTC criticism, when Schiff was tweeting about losing the private keys to his BTC wallet, CZ of Binance pointed out that the Euro Pacific CEO is doing crypto a favour by making more people aware of it on his Twitter account.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

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Tue, 03/31/2020 - 19:25
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  • Bitcoin (BTC) have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

Cover image via stock.adobe.com
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Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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