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Economist Peter Schiff stated in an interview that in situations similar to the Iran currency crisis, he prefers to use gold-backed cryptocurrencies rather than Bitcoin for anonymous transactions, as he believes Bitcoin "has no physical backing." He recommends tokenized gold as the best stablecoin option. Meanwhile, the devaluation of the Iranian currency has prompted people to turn to cryptocurrencies for hedging, even though gold-backed tokens like Tether Gold (XAUT) and PAX Gold (PAXG) have performed significantly better than Bitcoin over the past year.