Benzinga - Peter Schiff, a known gold proponent, highlighted contrasting performances of gold and Bitcoin (CRYPTO: BTC) amid record highs of both assets while taking a dig at “Shark Tank” fame billionaire Mark Cuban.
What Happened: Noted gold enthusiast Peter Schiff took to X, formerly Twitter, on Tuesday to draw attention to the divergent paths of gold and Bitcoin. Despite both hitting all-time highs, Schiff pointed out significant differences in their respective ETFs’ performances, with gold ETFs closing at record highs and Bitcoin ETFs experiencing their worst day since going public.
Both #gold and #Bitcoin hit all-time record highs today. But while gold ETFs also closed at new all-time record highs, the #BitcoinETFs all had their worst days since going public, dropping by over 8.5% on the day and over 14% intraday. Gold broke out. Bitcoin made a double top!— Peter Schiff (@PeterSchiff) March 5, 2024
Taking aim at Cuban, Schiff said that while the Shark invests in Bitcoin over gold “all day”, it appears doing so was a mistake around the time the apex cryptocurrency rediscovered its all-time highs.
See Also: Arthur Hayes: ‘Shiba Inu Killer’ Dogwifhat Headed To $2, ‘Hat Stays On’ Following 330% Weekly Rally
Yesterday @mcuban said that he invests in #Bitcoin over #gold all day, every day. It sure looks like doing that yesterday was a huge mistake.— Peter Schiff (@PeterSchiff) March 5, 2024
Schiff explained his rationale in yet another post by charting the drop of Bitcoin from a new record high of $69,000 to $59,300 within the span of hours. He said, “Nothing that volatile can be described as being a safe haven or a store of value!”
Earlier today #Bitcoin hit a new record high of over $69,200. About four hours later the price collapsed down to $59,300. That's almost $10K per Bitcoin, for an intraday drop of a staggering 14.5%. Nothing that volatile can be described as being a safe haven or a store of value!— Peter Schiff (@PeterSchiff) March 5, 2024
Why It Matters: Bitcoin surged to a new all-time high, hitting $69,170.63, surpassing its previous 52-week high of $68,789.63. The milestone follows increased interest due to SEC’s approval of Bitcoin ETFs, resulting in strong investor demand.
At the time of writing, Bitcoin traded 6.5% lower at $63,666.99 — trading 7.95% lower than its newly minted all-time highs, according to Benzinga pro data.
April 2024 Gold Comex futures, meanwhile, traded 0.3% lower at $2,135. Spot Gold was seen 0.75% lower at $2,126.79.
Predictions from experts and a poll suggest consensus towards Bitcoin reaching $100,000 by the end of 2024, with various price targets ranging from $100,000 to $1.48 million by 2030. At the time of publication, Bitcoin traded at $63,349, reflecting significant price movement, according to a prior report.
Earlier, Schiff criticized Cuban for favoring Bitcoin over gold, especially as gold prices reached record highs, surpassing $2,110 per troy ounce.
Cuban has staunchly defended Bitcoin in the past, even expressing a desire for its price to fall so he could acquire more. Schiff also raised concerns about the influence of Bitcoin ETFs on the market, suggesting potential risks associated with their impact.
Read Next: Shiba Inu Lead Developer Kusama Echoes Dot Com Era Ahead Of Key Launch As SHIB Tops Charts: ‘Can Get There, But Only With Your Help’
Engineered by Benzinga Neuro, Edited by
Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you.
Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.