Peter Schiff has talked about crypto inflation exceeding sovereign inflation. The idea of cryptocurrencies being scarce doesn’t seem right says the notable Bitcoin critic and gold bug. With only 180 fiat currencies in the world versus 9,125 cryptocurrencies, the potential supply of digital fiat tokens is unlimited.
With over 95 of the crypto coins having a market capitalization of over $1 billion, the idea of them being scarce doesn’t seem right. Besides, fiat-based digital tokens or stablecoins are unlimited. That is why, he believes, crypto inflation is much bigger than sovereign inflation.
He also opined that there is not much of a difference between Bitcoin and other cryptocurrencies.
While replying to Bitcoin proponent, Anthony Pompliano, Schiff claimed that gold is the scarcest metal, aside from being most useful. He stated that the potential number of new cryptocurrencies has no limit. This way, Bitcoin, he said, does not differ much from other cryptocurrencies.
The XRP/BTC pair has formed the extremely rare compound fulcrum pattern, used by trading analysts, indicating a powerful buy signal.
Spotted only once in a few years, the compound fulcrum formation indicates that a certain asset is ready for a trend reversal after bottoming out. It occurs when a market forms a complex H&S top pattern after a prolonged and extended decline.