Noted economist Peter Schiff offered an interesting critique of Donald Trump’s inaugural address on Monday, pointing out the president’s preference for gold over Bitcoin BTC/USD.
What Happened: In a post on X, Schiff drew attention to Trump declaring “The ‘Golden Age of America’ begins now” in his speech after being sworn in as the 47th President of the U.S.
“Notice he invoked gold, not Bitcoin,” Schiff said, in what seemed like a cheeky remark.
The Bitcoin critic also interpreted the remark as referencing the Gilded Age. The Gilded Age was a period in U.S. history from the late 1800s to the early 1900s when the gold standard was in place.
See Also: Trump Names Uyeda Acting SEC Chair, Regulators Get Ready For Crypto Makeover
Why It Matters: Schiff’s views on Bitcoin have been controversial in the cryptocurrency community, with many accusing him of engagement farming by repeatedly mentioning the leading asset in his social media posts.
On the eve of Trump’s inauguration, Schiff speculated whether outgoing President Joe Biden would sell some of the state-owned Bitcoin before the Republican leader took office. This was a dig at Trump’s reported plans to declare cryptocurrency a national priority and create a national Bitcoin reserve.
Interestingly, Trump’s inaugural address made no mention of cryptocurrencies, including Bitcoin, despite the high expectations leading up to the swearing-in. Consequently, the market corrected sharply.
Price Action: At the time of writing, Bitcoin was trading at $102,354.42, up 0.68% in the last 24 hours, according to data from Benzinga Pro. Bitcoin gained 121% in 2024.
On the other hand, spot gold was trading at $2,723.66 per ounce, up 0.57%. The yellow metal added 27% in 2024.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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