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Peter Schiff says Fed has already lost to inflation, chose gold over bitcoin

Peter Schiff said the Federal Reserve has already lost the fight against inflation and that further interest-rate increases could put strong downward pressure on bitcoin and the broader crypto market. In an interview, he tied bond-market instability, rising U.S. Treasury yields, weakening dollar purchasing power and increased central-bank gold buying into a single trend. He said restoring credibility would be difficult and argued that bitcoin lacks backing compared with gold.