Popular Bitcoin critic and gold supporter Peter Schiff It was recently revealed that Bitcoin supporters are mocking gold’s paltry $25 rise.
According to him, gold rose by US$39 last Friday, an increase of 3% in two days, equivalent to a total market value of gold of US$450 billion. Based on the gains, Schiff deduced that Bitcoin’s current price would need to rise an additional $23,000 to match gold’s dollar gains.
Despite recent rally, Peter Schiff remains critical of Bitcoin
Bitcoin Speculators Are Ridiculing Tonight’s ‘Meager’ $25 Price Increase #gold. But following Friday’s $39 rise, the 3% two-day gain equates to a total market capitalization of about $450 billion. To match the dollar’s gains, #bitcoin It has to rise about $23,000 to $94,000.
— Peter Schiff (@PeterSchiff) April 1, 2024
Peter Schiff said Bitcoin would have to rise to nearly $94,000 to match the recent gains in gold, his preferred investment asset. However, traders Kevin SwensonIn response to Schiff’s statement, he pointed out that he has been wrong about Bitcoin all along.
fact:
Peter was wrong all along #bitcoin.every statement he ever made #BTC Already wrong.
— Kevin Svenson (@KevinSvenson_) April 1, 2024
Michael Sullivan pointed out that gold would have to rise to $245,000 per ounce to make up for the millions of dollars that Peter Schiff missed out on by ignoring BTC. Schiff’s reputation as a die-hard gold fanatic may have attracted these negative comments from members of the cryptocurrency community.
Furthermore, in his analyze Today, Schiff noted that gold prices are rising not just because of the Federal Executive Committee’s plans to cut interest rates. He believes that gold prices are rising because interest rates are a mistake and that gold prices are rising because real interest rates are falling as inflation rises.
In addition, according to SchiffIt’s rare for gold to trade above $30 on Sunday night, and even more rare in the absence of any major news events. Furthermore, he claim Big things are happening, but few investors are ready for them. Schiff said governments and central banks are not ready for this.
So, Schiff suggestion His followers sold Bitcoin and bought gold, further attracting negative Comment.
Schiff: Bitcoin does not qualify as digital gold
Another gold enthusiast said, Peter Spinathe Bitcoin-to-gold ratio suggests that BTC has failed to reach new highs.
this #bitcoin arrive #gold ratio still indicates failure Bitcoin USD Reach new heights.
With gold prices reaching all-time highs, raising warning signs, now is not the time to gamble with digital fax machine tokens.
Speculators could end up watching their gains disappear quickly. pic.twitter.com/OhSoZk8ZjW
— Peter Spina ⚒ GoldSeek | SilverSeek (@goldseek) March 31, 2024
Furthermore, he believe With gold prices reaching all-time highs, now is not the time to gamble with digital tokens, as gains from digital tokens can be wiped out quickly.
Peter Schiff reacts to Spina chart claim While Bitcoin hit a new high in the U.S. dollar, it failed to hit a new high in the price of gold, and perhaps never will. Therefore, Schiff believes this contradicts the argument that Bitcoin is digital gold.
However, as an investor, Eric Jaffwho also reacted to Peter Spina’s chart, saying, “I like gold, but BTC has won. I bought 1 ounce. When BTC gets back to $1,200 parity, gold will rise.
I thought this was cool and a few years later bought 10 ounces of gold for 1 BTC. Today, 1 BTC can buy approximately 30 ounces of gold. At least be honest with your followers. You can have both!
The comments confirm that while gold still has strong supporters, there is growing acceptance of digital assets such as Bitcoin.
