Recently, despite having opposing opinions, two well-known individuals—Peter Schiff and Mike Novogratz—found themselves on the same side of a dispute.
Property rights might be threatened by a Supreme Court decision that redefines income and taxes unrealized appreciation, according to Schiff, an experienced economist and gold aficionado. The well-known supporter of Bitcoin, Novogratz, retorted cynically, signalling an uncommon point of agreement between the two.
Peter Schiff’s warning
A possible Supreme Court ruling that would redefine income to include unrealized gains on any asset was brought up by Schiff in a recent piece. Schiff voiced his concern that the federal government could be able to essentially nationalise the country’s entire asset stock if such a verdict were to be made.
According to Schiff, this change in the law may compel Americans to sell their possessions in order to satisfy their tax obligations, with the federal government most likely acting as the buyer and making the payment in almost worthless paper. He issued a dire warning, claiming that such a ruling would nullify the intent of the Constitution, violate the rights of private property, and create the legal framework for a peaceful communist revolution.
Surprisingly, Bitcoin supporter Mike Novogratz concurred with Schiff’s tweet, ending his remarks with an emoji for laughing. The crypto community was alerted to this unexpected convergence of the two persons’ points of view, which led to conversations about the possible effects of governmental interference on private property.
https://x.com/novogratz/status/1732750566290325716?s=20
Schiff’s forecast on gold and Bitcoin
Even with his misgivings about Bitcoin, Schiff is still a great believer in gold. He recently predicted that difficulties for Bitcoin would arise from a breakout in gold prices. Schiff frequently compares Bitcoin to “gold 2.0,” citing similarities between the two assets’ ability to hold value in the face of inflation and unstable markets. This viewpoint illustrates Schiff’s unwavering dedication to conventional assets that serve as stores of value.
Conversely, Mike Novogratz recently voiced confidence in the tenacity of the cryptocurrency market. He said that after the 2022 market meltdown, there was a major purge of bad individuals, and he thinks that most of them have moved on.
Among those who think a Bitcoin spot ETF is about to arrive is Novogratz.
