Tether (USDT) co-founder Brock Pearce took stock of the sharp decline in Bitcoin (BTC) in recent days and the rise in the price of gold over the same period on FOX Business’ Barney & Company show.
Pearce said Bitcoin’s decline was not due to a single factor, but rather multiple factors occurring simultaneously. “The trade war with China, tariffs and global uncertainty are shaking up markets,” he said. “Furthermore, Binance’s deleveraging process has increased selling pressure.”
Pearce noted that political and economic uncertainty in New York, the financial capital of the United States, is also undermining investor confidence. “The New York City election is not just a local issue. Any development in the heart of the financial system has an impact on global markets.”
“Throughout history, gold has always been a safe haven during times of financial instability,” Pearce said later in the show, when presenter Stuart Varney mentioned the soaring gold price. However, Pearce added that young investors in particular continue to see Bitcoin as a modern alternative.
“Gold has a history spanning thousands of years, but Bitcoin is also a strong option for investors in the digital age. People are now turning to gold, Bitcoin, or both.”
At the time the show aired, the price of gold was $4,287 per ounce. Pearce declined to give a final prediction on the direction of gold, but said: “It’s probably going to go up.”
Bitcoin was trading around $108,900 at the same time, a significant drop from its highs a few weeks ago.
*This is not investment advice.
