Tether (USDT) co-founder Brock Pierce evaluated the sharp depreciation of Bitcoin (BTC) in recent days and the rise in gold prices during the same period on the Varney & Co. program broadcast on Fox Business.
Pierce stated that Bitcoin’s decline wasn’t due to a single factor, but rather a multitude of developments simultaneously. “Trade wars with China, tariffs, and global uncertainties are shaking the markets,” he said. “Furthermore, the deleveraging process at Binance is increasing selling pressure.”
Pierce noted that political and economic uncertainties in New York, the US financial center, are also damaging investor confidence, saying, “New York City elections are not just a local issue. Every development at the heart of the financial system affects global markets.”
Later in the program, when host Stuart Varney brought up the rising price of gold, Pierce said, “Throughout history, gold has always been a safe haven during times of financial uncertainty.” However, Pierce added that younger investors, in particular, continue to see Bitcoin as a modern alternative:
“While gold has a history spanning thousands of years, Bitcoin is also a strong option for investors in the digital age. People are now looking to either gold or Bitcoin, and sometimes both.”
The price of gold was $4,287 an ounce at the time of the program’s broadcast. Pierce declined to offer a definitive prediction on gold’s direction, but said it “will probably go up.”
Bitcoin was trading around $108,900 at the same time, having fallen significantly from its peak a few weeks ago.
*This is not investment advice.
