Ron Paul: ‘I’m All for Cryptocurrencies, I Like Competing ...

Bitcoin Critic Peter Schiff Wins a Bet for a Gold Coin About Interest Rates - He Predicted Correctly 7 Months Into Future

TL;DR: Schiff won a bet made January 20, 2019 about interest rates which were lowered today for the first time since 2008.
Video Proof:
Many have seen the name Peter Schiff crop up around cryptocurrency forums, mostly related to his steadfast belief crypto can't work. People may wonder why he's important. The title is the reason.
While most here would disagree with Peter Schiff on Bitcoin, many (like myself) completely agree with him on other things, like politics, economics, and central banks and their policies. What just happened today demonstrates, in impressive fashion, why people like Schiff (economic adviser to Ron Paul's 2008 presidential campaign) command respect.
What Happened
The U.S. Federal Reserve embarked on unprecedented monetary policy in response to the Great Recession of 2008, lowering interest rates and pumping money into the system to avert a further drop in economic activity. The head of the Fed at the time, Ben Bernanke, gave no indication he saw the collapse coming in contrast to people like Peter Schiff (and others like Mike Maloney) who warned a large economic problem was coming soon. In other words, Peter went against mainstream beliefs at the time.
Peter just won a bet today doing the same thing. Making today's news is the announcement the Federal Reserve will cut interest rates. It's significant for two reasons. First, it's the first time this has happened since 2008, over ten years ago! Second, as recently as the beginning of the year not only did nobody expect the Fed to cut rates in 2019, they expected the opposite, rate hikes and more than one hike. Peter's bet was the equivalent of betting on a horse given the worst odds in a race, but ending up winning.
Additionally, Peter gave his thoughts about gold prices. At that time in January gold was at about $1,280 per ounce. The panelist Peter bet against said he believed gold would go down in the coming months to around $1,000. Peter, however, said he thought that it was a slim likelihood gold would go back down to $1,000 and even slim it would go below $1,200. He was right again. Today gold is just over $1,400 per ounce.
Follow Peter Schiff here:
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