Updated: 1 year
• Economist Peter Schiff has predicted higher inflation numbers in 2023.
• He believes that the U.S. dollar index will have one of its worst years ever in 2023.
• He attributes the rise in consumer prices such as rent, taxes, utilities, and insurance to the weakening of the dollar.
Economist Peter Schiff recently shared his thoughts about inflation and the US dollar, and his predictions could be seen as favorable towards Bitcoin if they come to pass. As of the end of 2022, the US dollar index had closed at a six-month low, prompting Schiff to suggest that the dollar was in for a rough ride in 2023. He believes that the dollar will suffer one of its worst years ever, and he expects this to lead to an increase in consumer prices, such as rent, taxes, utilities, and insurance.
Inflation is likely to surge in 2023, according to Schiff. He believes that the current belief that inflation would slow down in the new year is incorrect, and that the increase in consumer prices will be a direct result of the weakening of the dollar. The economist has been in strong opposition to Bitcoin for a long time, but if his predictions prove correct, it could be seen as a positive for the cryptocurrency.
Schiff’s predictions could mean that investors could be looking to invest in an asset that is not influenced by the US dollar and will not be affected by the weakening of the currency. This could be an attractive option for investors looking to diversify their portfolios, as Bitcoin has been known to be a safe-haven asset in times of economic uncertainty.
Overall, Schiff’s predictions could be seen as a boon for Bitcoin, as it could offer investors a way to protect their capital from the effects of inflation and the weakening of the US dollar. Whether or not these predictions come to pass, it is clear that the economist has an influential opinion and his comments should not be taken lightly.