While the dollar, which is inversely correlated with Bitcoin (BTC), is losing value day by day, this situation does not go unnoticed by world-famous names.
At this point, while famous billionaire Elon Musk's post about the depreciation in the US dollar sparked discussions about the viability of Bitcoin as a store of value against the dollar, experts expressed their opinions on the subject.
While Elon Musk's latest comments once again sparked speculation about Bitcoin's potential against the dollar, experienced trader Peter Brandt also joined the Dollar discussion.
Emphasizing the decreasing purchasing power of the US dollar over time, Peter Brandt argued that Bitcoin is a protection tool against this situation.
Brandt argues that this sharp decline in the value of the US dollar makes Bitcoin stand out as a promising store of value.
Opposing Brandt's comments, gold supporter Peter Schiff claimed that the devaluation of the dollar does not mean that Bitcoin inherently has value. Schiff, who did not agree with Brandt's BTC comment, suggested holding gold as a more reliable method of protection against the decline of the dollar.
Stating that he partially agrees with Peter Schiff, Brandt stated that he accepts the long-term value of gold, but that a balanced portfolio containing stocks and Bitcoin can perform better than gold alone.
“When I was born, a dollar bought $1 worth of goods or services. Today, that same dollar is worth 5 cents. The purchasing power of the US is disappearing. That's why I think Bitcoin is a store of value.”
Similarly, Bitcoin supporter Robert Kiyosaki stated that he continues to support Bitcoin, stating that BTC will rise greatly if Donald Trump becomes the new president of the USA.
I completely view Gold as a store of value play long-term and we cannot be sure on the future of Bitcoin $BTC What we do know is the stocks (S&P without dividends) should have a much bigger role in a balanced portfolio to include BTC
This is S&P/Gold ratio chart
70% $SPY 20% $BTC… pic.twitter.com/rsgfuvVqj6— Peter Brandt (@PeterLBrandt) July 24, 2024
*Not investment advice
