Peter Schiff, warned the United States residents about the high chance of facing recession after the pandemic, and how it best places Joe Biden in a better position to wallop Donald Trump, the current US president. However, this was later followed up with a response that claimed Bitcoin and crypto marketing is a gimmick.
The US likely to face huge economy meltdown
Once again, the CEO of Euro Pacific, Peter Schiff, took to his Twitter handle to disclose the level of a recession that may be hitting the country after the Coronavirus pandemic. In the tweet, he shared an article, suggesting that Trump’s quantitative easing program is actually not helping.
The article further claimed that Joe Biden, a Democratic presidential contender might wallop Trump in the election, due to the badly damaged US economy, as a result of the coronavirus. Part of the issues raised in the article pointed towards measures taken to curb the negative effect of the disease on residents and financial markets as well.
In line with Peter Schiff’s prediction, the article noted that the shutdown of businesses resulted in a 14.7 percent unemployment rate, which is about 34 million jobs lost. This figure is considered the most significant drop in employment rate since the worst depression, which reportedly occurred around the 1930s.
This somewhat makes up for Peter Schiff’s prediction of recession befalling the US in the near time, coupled with the QE. So far, about $1 trillion has been injected into the country’s economy, which includes the $1,200 stimulus checks issued to the citizens.
Peter Schiff: Pay with crypto is a marketing gimmick
The Bitcoin opponent, Peter Schiff, broke off the statement after a Bitcoin supporter replied to his tweet, suggesting that buying Bitcoin another possible medium to avoid making use of cash and save money from the future devaluation, amid the quantitative easing program.
Schiff’s narrative was that the sentiment on purchasing items with Bitcoin and cryptocurrencies are all false. He wrote:
Pay with crypto is a marketing gimmick to make it easier for people to get rid of their #Bitcoin and buy #gold. They don’t pay with Bitcoin. They sell their Bitcoin first, then they pay using the dollars they received from the sale. The lie is that you can buy stuff with Bitcoin.