Benzinga - Gold reaching record highs is more significant than Bitcoin’s (CRYPTO: BTC) performance, says Peter Schiff, emphasizing the precious metal’s recent rally and contrasting it with the cryptocurrency’s challenges.
What Happened: Renowned economist and cryptocurrency critic Peter Schiff pointed out on X, formerly Twitter, that gold trading above $2,100 for the first time ever is far more noteworthy than Bitcoin trading above $40K. He highlighted that gold has entered uncharted territory while Bitcoin still needs to rally over 60% to reach a new high. Schiff stated, “Gold has completely broken out.”
If gold is this strong with the U.S. dollar flat, imagine how much more it will rise if the dollar starts to fall. The fact that the dollar is not rising with increased geopolitical tension doesn't bode well for the dollar and is very bullish for gold.— Peter Schiff (@PeterSchiff) December 3, 2023
Schiff noted that gold was in a “fast market” in the same thread.
See Also: Will Bitcoin Soar To This Level In The First Year Of Its Bull Run?
In another tweet, Schiff also opines, “If gold is this strong with the U.S. dollar flat, imagine how much more it will rise if the dollar starts to fall. The fact that the dollar is not rising with increased geopolitical tension doesn’t bode well for the dollar and is very bullish for gold.”
Why It Matters: At the time of publishing, Bitcoin traded at $40,653.72, having risen nearly 2.9% over a period of 24 hours. The apex cryptocurrency has gained 8.3% over the week and shot up 145.34% since the year began.
Gold prices hit all-time highs on Friday after confidence among traders rose that the Federal Reserve is done with interest rate hikes following comments by Chair Jerome Powell, according to a Reuters report.
Gold COMEX February 2024 futures were seen up 1.1% at $2,113, while spot gold was trading higher by 0.8% at $2,087.79 at the time of publishing.
Schiff has been vocal about his skepticism toward Bitcoin. He warned that Bitcoin could crash before the launch of BlackRock’s Bitcoin exchange-traded fund (ETF), suggesting that those who bought on the rumor might not profit if they wait for the launch to sell their holdings.
He has also expressed concern over the excitement around a potential Bitcoin ETF, cautioning that the buying frenzy could soon be eclipsed by a wave of selling. Schiff further predicted a potential selloff if the Grayscale Bitcoin Trust (GBTC) converts to an ETF.
Photo Courtesy: Wikimedia Commons
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