Add as a preferred source on GooglePeter Schiff Urges Bitcoin Holders to Sell as Inflation Accelerates
September CPI rose 3.7% year over year, while the 10-year Treasury yield slipped from the prior day’s level.
Economist Peter Schiff urged Bitcoin (BTC) holders to move into gold as September inflation accelerated, tying the call to bond yields and his expectation about control of Congress.
At 4:50 p.m. ET (20:50 UTC) on Oct. 14, Schiff wrote: “Sell your Bitcoin before the bottom drops out of the market and buy gold!” He gave no price target or timetable for a Bitcoin decline and did not say one would come after the Nov. 3 federal election.
The Consumer Price Index rose 0.6% in September from the previous month, up from 0.4% in August. Prices were 3.7% higher than a year earlier, compared with a 3.4% annual increase in August. Gasoline rose 9.1% in September, contributing more than half of the CPI’s monthly gain.
The 10-year Treasury yield was 5.19% on Oct. 14, up from 4.79% on Sept. 1. Its level was down from 5.21% on Oct. 13, leaving it lower on the day but above its early-September mark.
The Federal Reserve raised its target interest rate by 0.25 percentage point on Sept. 16, setting a range of 3.75% to 4%. The Fed’s next scheduled policy meeting falls on Oct. 27-28.
The September inflation data and election calendar do not establish that Bitcoin will fall. Voters are scheduled to choose the next Congress on Nov. 3.