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.
Peter Schiff Explains Why Crypto Inflation Far Exceeds Sovereign Inflation
The CEO of Euro Pacific Capital, Peter Schiff took to Twitter to say that inflation in the crypto space is far bigger than sovereign inflation.
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.
Exactly, and there will never be any more. Of the limited supply of metals, gold is the most useful and one of the most rare, therefore it's extremely valuable. There is no limit to the number of #cryptocurrencies and there's not much difference between #Bitcoin and any other.
— Peter Schiff (@PeterSchiff) April 6, 2021
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.
Pompliano reminded him that there are only 21 million Bitcoins but an unlimited supply of gold, saying “You just haven’t dug enough of it out of the ground yet!” He added that gold is dying and investors are selling it for Bitcoin.
XRP Could Soar Higher Against Bitcoin
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.