Benzinga - by Shanthi Rexaline, Benzinga Editor.
Economist Peter Schiff on Sunday shrugged off Bitcoin’s (CRYPTO: BTC) recent record run and took exception to its comparison with gold.
What Happened: Sharing a chart on X showing Bitcoin’s value denominated in dollar, Schiff said, although the cryptocurrency made a new high priced in dollars, it hasn’t hit “a new high priced in gold.”
“Perhaps it never will. That undermines the case for Bitcoin being digital gold,” he added.
This is a very interesting chart. While #Bitcoin made a new high priced in dollars, it failed to make a new high priced in #gold. Perhaps it never will. That undermines the case for Bitcoin being digital gold. https://t.co/jGKqrv86kk— Peter Schiff (@PeterSchiff) March 31, 2024
Gold is considered a safe haven that can insulate one’s investment during inclement conditions. It is typically added to portfolios to reduce volatility.
Why It’s Important: Bitcoin was one of the best-performing assets in 2023 and the buoyant sentiment continued into 2024. After adding over 155% in 2023, the king crypto has added about 67% this quarter amid SEC approval for spot Bitcoin (CRYPTO: BTC) exchange-traded funds.
Larry Tentarelli, Chief Technical Strategist at Blue Chip Daily Trend Report expects the crypto to gain further ground this year and finish at over $100,000. The upcoming Bitcoin halving, expected around April 19-20, could be the catalyst driving it higher, provided that the 10-year bond yield does not break out over 4.40%.
But some analysts predict a pullback after the recent gains. Schiff, for one, has accused the media of promoting Bitcoin and highlighted the limitations in trading Bitcoin ETFs.
Gold, meanwhile, is on a strong run, ending the quarter at a record high of $2,254.80. It peaked at $2,256.90 on Thursday.
At last check, Bitcoin traded up 0.80% at $70,510.10, according to Benzinga Pro data.
Read Next: Did Bitcoin, Gold Or S&P 500 Make You Richer This Quarter? What $1000 Invested In These Asset Classes Would’ve Returned
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