finbold.com
Amid growing economic uncertainties, American economist, staunch gold advocate, and prominent Bitcoin (BTC) skeptic, Peter Schiff, has shared his view that the most substantial impending commodity boom since the 1970s is coming and warned of potential double-digit inflation by 2025.
Specifically, Peter Schiff has sounded the alarm on an impending surge in commodities prices, pointing to a chart of the Commodity Research Bureau (CRB) index, predicting that the world is on the cusp of the largest commodity bull market since the inflationary era of the 1970s.
Peter Schiff’s inflation observations
Indeed, the CRB index, which keeps track of 19 commodities trading, including gold, crude oil, coffee, cattle, and others, categorized into four groups – energy, agriculture, precious metals, and base/industrial metals, has been exhibiting a notable upward trend, as Schiff explained in an X post on March 21.
“This will likely be the biggest commodity bull market since the 1970s,” Schiff stressed, attaching a chart that showed the trajectory of the CRB index since 2019. Furthermore, he cautioned that by 2025, inflation rates could soar into the double digits, with the first digit possibly even exceeding a one.
In a more recent post, he voiced his opinion that the Western central banks are “mistakenly preparing for lower inflation,” whereas the Eastern central banks are preparing for “higher global inflation by buying gold, further explaining that:
“Ironically, by mistakenly preparing for lower inflation, the former ensures that the latter’s got it right.”
Peter Schiff Bitcoin views
Elsewhere, in another X post, Schiff pointed out that Bitcoin was “the best thing that’s happened to big government and central banks,” due to gold being the “primary threat to the fiat-based monetary system,” and to the “hegemony” of the United States dollar.
It is for this reason that the prominent economist believes the US authorities approved the spot exchange-traded funds (ETFs) for the flagship decentralized finance (DeFi) asset, to begin with – to take away the attention from gold and decrease its purchasing.
To the extent that #Bitcoin has distracted attention and buying from #gold, it's the best thing that's happend to big government and central banks. Gold is the primary threat to the fiat based monetary system and U.S. dollar hegemony. That may be why those new ETFs were approved.
— Peter Schiff (@PeterSchiff) March 21, 2024
Peter Schiff Twitter clash over Bitcoin
As a reminder, Schiff has recently predicted a “catastrophic crash” for the maiden cryptocurrency, expressing his position that the more of it enters into the ETFs, the more vulnerable it becomes, leading to an intense debate with the members of the crypto community who begged to differ.
Shortly afterward, he doubled down, arguing that Bitcoin price “has fallen 15% from its peak price of just under $74K, without a single day of outflows from any of the new Bitcoin ETFs” except GBTC, suggesting it would have declined even further “without ETF buying,” and even more “when all Bitcoin ETFs have outflows.”
All things considered, should Schiff’s predictions materialize, it would mean a significant shift in the global economic landscape, as well as the crypto market, while the double-digit inflation, a phenomenon not witnessed in five decades, would pose substantial challenges for economic policymakers and institutions.
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