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The Twitter account of Bitcoin critic Peter Schiff was found advertising a gold-branded token as a result of an apparent hacking. His son, crypto enthusiast Spencer Schiff, warned users in a tweet not to follow the link posted by the unknown attackers trying to lure victims using his father’s name.
‘Dad Almost Certainly Hacked,’ Son Tweets After Peter Schiff Launches $GOLD Token on Twitter
Hackers obviously took control of economist Peter Schiff’s Twitter account to promote the supposed launch of a “groundbreaking cryptocurrency token” called $GOLD. A series of tweets posted in the space of a few hours suggested that the digital asset represents tokenized gold and is “a complete and utter gamechanger for gold-backed DeFi” that will “empower the #Web3 community.”
“Claim your $GOLD,” as it is “extremely close to selling out,” the perpetrators of the apparent scam urged followers of Schiff, who is a well-known gold proponent but also a vocal critic of cryptocurrencies like bitcoin (BTC). The posts, which led to the gold.fo domain as seen on the screenshot below, were later deleted.

“Do not click this link,” Schiff’s son Spencer tweeted after seeing the suspicious activity of his father’s account. He also informed the public that Peter is in the U.K. and is not responding to his messages in the early hours on Saturday, local time, concluding that his account was “certainly hacked.”

DO NOT CLICK THIS LINK. My dad is in London and it’s 4 AM over there which means he was almost certainly hacked. He’s not responding to any of my texts. https://t.co/sHvQccCtLp
— Spencer Schiff (@SpencerKSchiff) June 3, 2023
“It is truly amazing to see how empowering the crypto community is on twitter … We are building crypto step-by-step,” the scammers controlling @PeterSchiff wrote in one of the tweets — words that Schiff would hardly type himself.

Peter Schiff has been a long-time crypto skeptic, regarding Bitcoin in particular which he has described as a tulip mania bubble and a Ponzi scheme, an asset with no intrinsic value. At the same time, the American stock broker has been an ardent advocate of gold.
Nevertheless, the financial commentator announced last week his participation in an art sale featuring non-fungible tokens (NFTs) minted on the Bitcoin blockchain. The surprising move sparked speculations that he might have changed his mind about crypto.
However, Schiff took to Twitter to point out that the collection, to be auctioned in June, is a “tribute to gold” and that he is “still not a member of that club.” Unlike his father, Spencer Schiff is a supporter of cryptocurrencies who describes himself as a Bitcoiner.
What are your thoughts on the hacking attack on Peter Schiff’s Twitter account? Share them in the comments section below. 



The Twitter account of Bitcoin critic Peter Schiff was found advertising a gold-branded token as a result of an apparent hacking. His son, crypto enthusiast Spencer Schiff, warned users in a tweet not to follow the link posted by the unknown attackers trying to lure victims using his father&#x201...

news.bitcoin.com

Peter Schiff Twitter Apparently Hacked, Shills Gold Crypto, Son Spencer Warns

Peter Schiff, a well-known figure in the world of finance and a vocal critic of cryptocurrencies, has found himself at the center of a questionable incident on Twitter today. In a brazen attack, hackers targeted Schiff to promote what appears to be a fake $GOLD coin scam.
The news of this hack came to light when it was announced on Twitter by none other than his own son, Spencer Schiff who, in stark contrast to his father’s views, holds a positive stance on crypto, particularly on Bitcoin.

DO NOT CLICK THIS LINK. My dad is in London and it’s 4 AM over there which means he was almost certainly hacked. He’s not responding to any of my texts. https://t.co/sHvQccCtLp
— Spencer Schiff (@SpencerKSchiff) June 3, 2023

Peter Schiff: Complicated Relationship With Crypto
The elder Schiff has, for years, consistently criticized cryptocurrencies, particularly Bitcoin, dismissing them as nothing more than a Ponzi scheme lacking any intrinsic value. However, in a surprising turn of events, Schiff last week unveiled a collaborative nonfungible token (NFT) art collection that will soon be auctioned on the Bitcoin network.

I haven’t converted. I think the value is in the art. An original oil painting and limited edition signed prints. The Ordinals help add value to the art by making it easier to prove authenticity. The Ordinals themselves could have extra value if it turns out I’m wrong on Bitcoin.
— Peter Schiff (@PeterSchiff) May 28, 2023

The response from the crypto community has been varied, evoking a range of emotions from confusion to amusement and even acceptance, particularly among proponents of alternative cryptocurrencies. Some have taken the opportunity to highlight the apparent hypocrisy in Schiff’s actions, given his long-standing hate of digital assets.
Exploiting The Narrative?
The motive behind the hackers’ decision to target Peter Schiff’s Twitter account becomes clearer when considering the narrative of a once crypto-critic turned crypto-believer. This transformation in Schiff’s perspective might have made him an appealing target, as hackers sought to exploit this newfound interest in order to promote a non-existent digital coin.
The fraudulent coin in question, $GOLD, holds no verifiable presence on the internet at the time of writing. It’s important to highlight that Peter Schiff has long been an ardent advocate for investing in gold.

The hackers’ strategy seems to hinge on the irony of promoting a coin related to gold to someone who strongly supports the traditional precious metal. By leveraging Schiff’s reputation as a gold proponent, the perpetrators likely aimed to gain credibility and capture the attention of unsuspecting individuals who might associate the coin with Schiff’s endorsement.
As for the younger Schiff, he hasn’t made an update regarding the incident, including the status of his father’s account and whether or not they’ve identified the individuals behind the attack.
On Target: Peter Schiff
At the time of writing, Peter Schiff’s fake $GOLD coin tweet remains visible on his profile.

This is why I am delighted to unveil the official launch of $GOLD, a groundbreaking cryptocurrency token poised to empower the #Web3 community, bridging the worlds of physical and digital currency.
Claim your $GOLD here: https://t.co/pj2vetpMP2 https://t.co/PiyPeAFeaC
— Peter Schiff (@PeterSchiff) June 3, 2023




-Featured image from Dado Ruvić/Reuters


Peter Schiff, a well-known figure in the world of finance and a vocal critic of cryptocurrencies, has found himself at the center of a questionable incident on Twitter today. In a brazen attack, hackers targeted Schiff to promote what appears to be a fake $GOLD coin scam. The news of this hack ca...

bitcoinist.com

BREAKING – Crypto Hater Peter Schiff Targeted In Fake $GOLD Coin Scam on Twitter Hack

Macro investor Luke Gromen is naming one pivotal moment that could send both gold and Bitcoin (BTC) flying.
In a recent interview on Blockworks Macro, Gromen says that he believes Bitcoin and gold will win “either way in the end.”

According to the investment strategist, Bitcoin and gold will likely turn bullish the moment the market sniffs out that the US government is gearing up to print more dollars to fund its national debt.
“If the Fed (Federal Reserve) raises rates too much, they will bankrupt the United States government, and there’s nothing more bullish for gold and for Bitcoin than the moment when markets go, ‘Oh my God, they can’t raise rates more because the only way to pay the interest is if the Fed prints it.’ 
Obviously, the US government is not going to go nominally bankrupt. The Federal Reserve will print the difference or the US government… But that moment when the market goes, ‘Oh my God, inflation hasn’t come down. They’ve raised rates a bunch. They need to raise them more, but from here the only way to make the interest payments are by printing the money.'” 
On the off chance that the Fed continues with its tight monetary policies, Gromen says that gold and Bitcoin will likely take a hit in the short term. However, he argues that the rising national debt will eventually force the Fed to reverse its stance, which would be bullish for both store-of-value assets.
“However, if the Fed does not print the money, then as paradoxically given the dollar’s incumbent role as (the) reserve currency and the dollar borrowings out there, the US government is going to crowd out global dollar markets…
And the dollar will go up, and that can put some pressure on gold and Bitcoin in the short run, but ultimately, from there, the distance point is, ‘Okay, the Fed does not print it enough, and the US government heads towards default,’ and you will get to a moment where markets go, ‘Oh gosh, they could actually default.’
And that ain’t bad for gold and Bitcoin in my view.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post There’s Nothing More Bullish for Bitcoin and Gold Than This Pivotal Moment: Investment Strategist Luke Gromen appeared first on The Daily Hodl.


Macro investor Luke Gromen is naming one pivotal moment that could send both gold and Bitcoin (BTC) flying. In a recent interview on Blockworks Macro, Gromen says that he believes Bitcoin and gold will win &#8220;either way in the end.&#8221; According to the investment strategist, Bitcoin and go...

dailyhodl.com

There’s Nothing More Bullish for Bitcoin and Gold Than This Pivotal Moment: Investment Strategist Luke Gromen

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enables bitcoin purchases in more than 55,000 stores in Colombia and Costa Rica.
Venezuela Appeals to Regain Control of Gold Held in England
The Venezuelan government has introduced a new appeal to try and regain control of the Venezuelan gold held in the vaults of the Bank of England.
According to the appeal presented before the London Court of Appeals by the party representing the Central Bank of Venezuela board controlled by President Nicolas Maduro, the disbandment of the interim government of Juan Guaido on January 2022 changes the case’s background.
The board named by the Venezuelan assembly, elected back in 2015 to protect the country’s foreign assets, has no official recognition from the U.K. government, which accepted the dissolution of Venezuela’s interim government in January. Richard Lissack, appointed by Maduro to handle the appeal, believes this should allow the court to acknowledge the decisions that dissolved the “ad hoc” board of the Central Bank of Venezuela, appointed by the interim government.
Argentina Seeks Extension of Chinese Swap Line
The government of Argentina will seek an extension of the available amount of a swap line established by the Chinese government to continue financing its imports. According to local sources, Economy Minister Sergio Massa and Central Bank of Argentina President Miguel Pesce will travel to China to double the access to the Chinese yuan-based swap line from $5 billion to $10 billion.
The extension would help Argentina maintain foreign reserves held in U.S. dollars, which have touched their lowest level in the last seven years, while the government continues negotiating upcoming disbursements with the International Monetary Fund (IMF).

Azteco Enables Bitcoin Purchases in 55,000 Latam Stores
Azteco, a Bitcoin startup, announced the sale of bitcoin vouchers in Colombia and Costa Rica. Through social networks, the company announced these vouchers would be available in 52,000 stores in Colombia, and 3,000 in Costa Rica. The vouchers can be purchased with cash or bank transfer.
Azteco had previously raised $6 million in a funding round led by former Twitter and Block CEO Jack Dorsey. Azteco co-founder Paul Ferguson declares these funds will allow the company to increase its market activation and reach customers more effectively.
To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.
 
What do you think about this week’s Latam Insights report? Tell us in the comment section below.


Welcome to Latam Insights, a compendium of Latin America&#8217;s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enabl...

Latam Insights — Venezuelan Gold Battle Continues, Argentina Seeks Yuan Funding Extension

Should bitcoin start resembling more the price performance as well as the investment structure of gold, its price could skyrocket to $45,000, according to a note by JPMorgan’s analysts.
However, the multinational investment bank believes there’s a big catch.

Bitcoin’s YTD performance has been rather impressive, as the asset entered 2023 at under $17,000 following a turbulent 2022. However, it broke above that level in the first few weeks of the new year and skyrocketed to above $30,000 in the following months.
Despite its subsequent retracement to its current level of around $27,000, BTC still trades 60% higher now than it did at the start of 2023.
JPMorgan’s analysts believe the cryptocurrency could go up by another 75% soon. To do so, though, bitcoin needs to be accepted as a similar investment tool as gold, which many maxis have argued for in the past several years.

“Investors are currently holding gold for investment purposes outside of central banks to the tune of around $3 trillion, which, if paralleled with Bitcoin, presents a $45,000 price. This projection is based on the assumption that Bitcoin’s value will match that of gold in private investors’ portfolios, in terms of risk capital or volume,” – reads the note.

The precious metal has also been on the rise since the start of the year, albeit in a more modest fashion. It entered 2023 at around $1,830/oz and jumped above $2,000 in early May. However, it has dropped to $1,950/oz since then, meaning it’s around 6.2% up YTD.
JPM’s strategists also outlined the upcoming 2024 halving, which could be another factor that propels a price surge for BTC.

“Historically, Bitcoin’s production cost has acted as an effective minimum limit. Past halving events in 2016 and 2020 triggered an uptick in bitcoin prices that gathered momentum post the halving event.”

The popular AI chatbot – ChatGPT – also gave us its thoughts on the fourth halving recently, scheduled to take place in 2024.

The post This is What Needs to Happen for Bitcoin to Reach $45K This Year According to JPMorgan appeared first on CryptoPotato.

Institutional investors own roughly $3 trillion worth of gold, which could be good news for BTC.

PAX Gold price	$1,947.96
Low - High 24H	$1,947.66 - $1,969.02
Market cap	$513.70M
Volume 24H	$10.02M
All time high	$2,241.37 -13.02% May 17th 2021
All time low	$1,399.64 39.29% November 18th 2019
Genesis date	N/A

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