Crypto Insights

04/15 03:19

Gold advocate Peter Schiff seized on last week’s m

Gold advocate Peter Schiff seized on last week’s market movements to criticize bitcoin and promote gold, with gold prices experiencing a stronger-than-anticipated rise.

Schiff highlighted in a post on X Friday that gold gained 4%, silver surged 10%, and gold mining ETFs (GDX and GDXJ) rose 7% and 8% respectively, while bitcoin exchange-traded funds (ETFs) fell 5% and Microstrategy’s stock (MSTR) plummeted 16%. “This likely represents a major shift. I expect gold’s rise and bitcoin’s fall to accelerate. Don’t say I didn’t warn you!” he emphasized.

Commenting on Schiff’s post, veteran trader Peter Brandt wrote:

Come on Peter, put things in a broader perspective. I like gold too — I am long a bunch — but which race horse has done better since BTC’s inception?

Brandt also included a chart that “represents the number of oz. of gold to purchase one bitcoin,” the veteran trader explained. “In the past 50 years, gold price has increased at CAGR of 5.2%, barely exceeding the U.S. Consumer Price Index,” Brandt noted
A vocal bitcoin proponent, Brandt believes that BTC is vying to replace fiat currency as the primary store of value. In February, he raised his bitcoin price target for the current bull market cycle to $200K.

On Saturday, Schiff touted gold’s outperformance compared to bitcoin in a follow-up post on X: “On Oct. 21, 2021, it took 37 ounces of gold to buy one bitcoin. Today it takes only 29. That’s a 22% decline, an official bear market.” He insisted that BTC “has underperformed gold for the past 2.5 years.”

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