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Peter Schiff calls out CNBC for persuading the audience into buying Bitcoin; sideling gold

  • “CNBC is trying its best to dupe its audience into buying Bitcoin,” tweets Schiff.
  • Bitcoin impressively recovers from lows around $9,000 to highs marginally below $12,000.

According to Peter Schiff, the CEO of Euro Pacific Capital and the chairman of SchiffGold, CNBC is giving Bitcoin more airtime compared to gold. He argues that the network is concentrating on the digital asset despite gold having a much larger market.

“CNBC is trying its best to dupe its audience into buying Bitcoin.   Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin.”

He continues:

“The Chinese aren’t buying Bitcoin as a safe haven.   Speculators are buying, betting that the Chinese will buy it as a safe haven!”

An interesting perspective comes from one of Schiff’s followers on Twitter, ‘Dr. Holdler’ who says:

“I think you interpreting this the wrong way. Bitcoin is being used for capital flight by the Chinese. It’s hard to buy gold and ship it overseas. Bitcoin not being used as a “safe haven”, but as a mechanism to move money rapidly out of China.”

Schiff’s comments after Bitcoin recovered from a dip towards $9,000. Bitcoin price is hovering slightly below $12,000. Although the upside seems to be limited in the near-term, the largest cryptocurrency has enough support areas above $10,000. Besides, the technical analysis covered by FXStreet shows the technicals levels being impressively positive.

 

 

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