Is Bitcoin ‘Digital Gold?’ Peter Schiff Says ‘Maybe It By no means Will’ Make A New Excessive Priced In Gold As Economist Shares Knowledge That Undermines The Case


Economist Peter Schiff on Sunday shrugged off Bitcoin’s BTC/USD latest document run and took exception to its comparability with gold.

What Occurred: Sharing a chart on X displaying Bitcoin’s worth denominated in greenback, Schiff stated, though the cryptocurrency made a brand new excessive priced in {dollars}, it hasn’t hit “a brand new excessive priced in gold.”

“Maybe it by no means will. That undermines the case for Bitcoin being digital gold,” he added.

Gold is taken into account a protected haven that may insulate one’s funding throughout inclement circumstances. It’s sometimes added to portfolios to cut back volatility.

See Additionally: How To Purchase Bitcoin (BTC)

Why It’s Essential: Bitcoin was one of many best-performing belongings in 2023 and the buoyant sentiment continued into 2024. After including over 155% in 2023, the king crypto has added about 67% this quarter amid SEC approval for spot Bitcoin BTC/USD exchange-traded funds.

Larry Tentarelli, Chief Technical Strategist at Blue Chip Day by day Pattern Report expects the crypto to realize additional floor this yr and end at over $100,000. The upcoming Bitcoin halving, anticipated round April 19-20, may very well be the catalyst driving it larger, offered that the 10-year bond yield doesn’t escape over 4.40%.

However some analysts predict a pullback after the latest good points. Schiff, for one, has accused the media of selling Bitcoin and highlighted the restrictions in buying and selling Bitcoin ETFs.

Gold, in the meantime, is on a powerful run, ending the quarter at a document excessive of $2,254.80. It peaked at $2,256.90 on Thursday.

Ultimately test, Bitcoin traded up 0.80% at $70,510.10, in keeping with Benzinga Professional knowledge.

Learn Subsequent: Did Bitcoin, Gold Or S&P 500 Make You Richer This Quarter? What $1000 Invested In These Asset Lessons Would’ve Returned

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