Stage Now Set for USD Crash: Peter Schiff

The CEO of Euro Pacific Capital and renowned Bitcoin critic Peter Schiff has tweeted that the current circumstances are showing a deep USD crisis which threatens to bring on a USD crash soon.

He also comments on the numerous suggestions to defund the police in the US, while the Binance CEO mentions the negative 2020 events as being beneficial for Bitcoin growth and wider BTC adoption.

‘The stage is now set for a dollar crash’

Peter Schiff has taken to Twitter to share some more negative thoughts on the current economic situation and the civil unrest in the US.

In particular, he has once again shared his skeptical take on the future of the USD. Schiff has expressed the root of his doubts many times and is not the only expert who has these beliefs. They stem from the fact that the Fed has printed over six trillion USD in this recent crisis caused by the pandemic that originated in China and quickly spread to major European and Asian countries and led to a quarantine.

Speaking on the injection of newly printed USD into the economy, Schiff said that after the Fed happily satisfied the demands for USD, the result was “a glut of U.S. dollars that no one needs or wants.”

Schiff summarized that the situation could lead to a crash of the dollar.

CZ Binance believes Bitcoin is the cure

While Peter Schiff is a Bitcoin critic and does not believe in BTC, the head of Binance, Changpeng Zhao, has, on the contrary, mentioned Bitcoin as a possible winner in the aftermath of the present 2020 issues.

Like many, including Peter Schiff in his earlier tweets, CZ expects hyperinflation to break out and big trouble for small retail businesses. But, it seems he reckons it will be good for the flagship cryptocurrency.

Related

Tue, 06/09/2020 - 07:41

Former Warner Bros. Executive to Film Movie About Winklevoss Twins

Alex Dovbnya

Peter Schiff on calls to defund the police

A little earlier, the Euro Pacific Capital CEO also shared his take on the numerous suggestions to cut funding of the police after their brutal treatment of George Floyd that led to his death.

Schiff believes that should US taxpayers defund the police, the government should take fewer taxes from them so that people can buy themselves personal weapons to protect themselves and their property.

Additionally, he tweeted that the laws restricting the ability of citizens to buy, own and carry firearms should be repealed. He finalized his tweet by saying that the private sector can do a better job, as has happened with most services.