Bitcoin, gold to benefit as Peter Schiff predicts ‘worst year ever’ for US dollar
Bitcoin (BTC) may get fresh support for a record-breaking year in 2021 thanks to the demise of a familiar foe — the U.S. dollar. Weakness in the dollar tends to translate into strength for Bitcoin, and 2020 has been the year in which the U.S. dollar currency index (DXY) became a reliable yardstick for price direction.
An inverse correlation was palpable throughout 2020, and while Bitcoin’s relationship with DXY has broken down more recently, analysts remained convinced that the fresh lows were only good news for the cryptocurrency. Even Bitcoin skeptic Peter Schiff, as ever fully enamored with gold, agreed with hodlers on the dollar’s fate.