Popular Bitcoin critic and gold supporter Peter Schiff recently revealed that Bitcoin supporters are making fun of the negligible $25 rise in the price of Gold.
According to him, Gold recorded a $39 increase last Friday, representing a 3% gain in two days, equaling a $450 billion value in the total market cap of Gold. Based on the gain, Schiff deduced that Bitcoin needs an additional $23,000 in its current price to match Gold’s dollar gains.
Peter Schiff is Still Critical of Bitcoin Despite Recent Rally
Bitcoin pumpers are making fun of tonight’s “meager” $25 rise in the price of #gold. But following Friday’s $39 rise, this 3% two-day gain equates to about $450 billion of total market capitalization. To match that dollar gain, #Bitcoin would have to rise by about $23K to $94K.
— Peter Schiff (@PeterSchiff) April 1, 2024
According to Peter Schiff, Bitcoin must rise to almost $94,000 to meet the recent gains recorded by his preferred investment asset, Gold. However, trader Kevin Svenson, reacting to Schiff’s statement, noted that he has always been wrong about Bitcoin.
Fact:
Peter has ALWAYS been wrong about #Bitcoin. Every single statement he has ever made about #BTC has been wrong.
— Kevin Svenson (@KevinSvenson_) April 1, 2024
Michael R. Sullivan noted that Gold would have to rally to $245,000 an ounce to match the millions of dollars Peter Schiff missed from ignoring BTC. Schiff’s reputation as a die-hard gold fanatic likely attracted these negative comments from crypto community members.
Further, in his analysis today, Schiff noted that Gold is not just rising because of the Federal Executive Council’s plans to cut interest rates. He believes that gold is rising because interest rates are a mistake, and since inflation is rising and real rates are falling, gold’s price gains are the reason for this.
Also, according to Schiff, it is rare for Gold to trade over $30 on a Sunday night and rarer to do it without any major news event. Further, he claimed that something big is happening, and very few investors are prepared for it. Also, governments and central banks are not prepared for it, according to Schiff.
So, Schiff advised his followers to sell Bitcoin and buy Gold, which attracted further negative comments.
Bitcoin Does Not Qualify as Digital Gold, Schiff
According to another gold enthusiast, Peter Spina, the Bitcoin-to-gold ratio indicates that BTC failed to achieve new highs.
The #Bitcoin to #Gold ratio still indicating a failure for $BTC to achieve new highs.
As gold prices reach record price highs setting off warning signals, now is not the time to be gambling with digital fax machine tokens.
Speculators may end up watching gains quickly erased. pic.twitter.com/OhSoZk8ZjW
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) March 31, 2024
Further, he believes that as gold prices reach record price highs, this is not the time to gamble with digital tokens, which can have their gains quickly erased.
Reacting to Spina’s chart, Peter Schiff claimed that while Bitcoin hit a new high in dollars, it failed to record a new high price in Gold, and perhaps it never will. So, Schiff believes it contradicts the argument that Bitcoin is digital Gold.
However, an investor, Ericjaffe, who also reacted to Peter Spina’s charts, stated, “I love Gold, but $BTC has already won. I bought 1 oz. of Gold when BTC hit parity back at $1200.
I thought that was cool and bought 10oz of Gold with 1 BTC a few years later. Today, 1 BTC can buy around 30oz of Gold. At least be honest with your followers. You can own both!’
These comments confirm that more people accept digital assets like Bitcoin even though Gold still has strong supporters.
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