Is Bitcoin quietly outpacing gold despite Schiff’s harsh critique?
Bitcoin’s recent pullback has sparked renewed criticism from Peter Schiff, although supporters point to long-term gains and a sharp rise in the BTC-to-gold ratio.
Bitcoin [BTC]’s recent pullback from its all-time high has reignited familiar criticism from long-time skeptic Peter Schiff.
After peaking at $124,500, the world’s largest cryptocurrency has slipped below the $120,000 threshold, prompting Schiff to highlight its underperformance compared to gold.
His remarks came as the precious metal notched a new record above $3,586.
In fact, as per data from CoinMarketCap, gold has soared over 36% since the start of the year and 42% in the past twelve months, while Bitcoin has shed more than 5% over the last month.
Utilizing this opportunity, Schiff took to X and noted,
“Priced in gold, since hitting a high of about 37.2 ounces on Aug. 12, Bitcoin is down 18%, just 2% above official bear market territory.”
Adding further intrigue, he said,
“In fact, priced in gold, Bitcoin is currently almost 16% below its Nov. 2021 high. How do you square this dismal performance with all the hype?”
Schiff argued that Bitcoin’s decline further proves its inability to rival gold as a dependable store of value.
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