Peter Schiff is a renowned gold investor and hater of the BTC . Now, as prices in the U.S. have risen due to the financial crisis and foreclosure, Schiff has restarted his favorite narrative on why Bitcoin is not a hedge against inflation but gold ( XAU).

Bitcoin is not a hedge against inflation: Peter Schiff

Schiff tweeted that Bitcoin cannot be considered a hedge in this case, as BTC is not a product and therefore its price is not linked to the price of other products.

Unlike the BTC , he says, the price of gold is directly linked to the price of other goods and XAU therefore retains its purchasing power.

Schiff quite often posts bitcoin- related tweets , although he still criticizes the main cryptocurrency both as a decentralized alternative to money and as an investment tool or safe haven asset.

Still, many in the community believe that by doing this, Schiff is just doing Bitcoin a favor and promoting it.

It must be given to Schiff - he still criticizes Bitcoin against the BTC community , unlike Warren Buffet or Jamie Dimon, the CEO of JP Morgan.

On May 11, when the Bitcoin block reward reduction took place, he praised the community for it.

Bitcoin, Peter Schiff and JK Rowling

Curiously, after Friday tweet from Harry Potter creator JK Rowling inquiring about Bitcoin , Peter Schiff seems to be the only major figure in the field who hasn't commented on this.

He is usually one of the first to try to dissuade people from kissing BTC.

When recently a co-founder of Morgan Creek Digital, Jason A. Williams, tweeted that his 12-year-old daughter had decided to invest all of her savings in Bitcoin , Schiff immediately emerged to criticize Williams for letting him do it.

Elon Musk tweeted to Rowling, saying that in the midst of the current cash printing by the Fed and other central banks, Bitcoin looked solid.

He also admitted that he still had 0.25 BTC  .