Ah, Peter Schiff, our friendly neighborhood Bitcoin buzzkill, is at it again! 🎉 He’s holding the Bitcoin (BTC) party guests accountable, and honestly, who invited him? He points out this little hiccup: Bitcoin’s market cap compared to gold’s is like comparing a toddler’s lemonade stand to a Fortune 500 company. I mean, back in 2021, Bitcoin hit this glam figure of $69,000, and its market cap was 10.72% of gold’s.
But fast forward to the fabulous present day where Bitcoin is strutting around at $98,000—yet, void of any confetti, that percentage has dropped to 9.95%! 🚀 If Bitcoin is strutting around claiming to be the “new gold,” why’s it acting like a wallflower at the dance, shrinking instead of expanding? J’accuse!
Now, let’s talk number crunching (don’t worry, no calculators required). According to Mr. Charts, since 2021, the Bitcoin vs. gold drama has seen just a 10% increase at the peak in December 2024. But hold onto your hats, because since January 2023, Bitcoin’s been on a caffeine-fueled rampage, outperforming gold by more than 350% at its peak and 260% now. Gold’s out there playing its usual slow and steady game while Bitcoin is living its best life on the high roller table! 🎰
In 2021, when Bitcoin hit a high of $69K, its market cap was 10.72% of gold’s market cap. Today, even with Bitcoin at $98K, its market cap has fallen to 9.95% of gold’s market cap. If Bitcoin is the new gold, why has it become less important than gold over the past four years?
— Peter Schiff (@PeterSchiff) February 10, 2025
So here’s the kicker: while both assets are strutting their stuff, crypto often steals the spotlight. But in the glitzy show of peaks and valleys, Bitcoin just hasn’t quite kicked gold off the stage yet. It’s more like a buddy trying to photobomb the picture, but somehow always ends up in the background. 📸
As we line up to sip on the latest Bitcoin speculative drink, gold is still out here on a winning streak. Sure, Bitcoin could catch up and join the gold party, but as it stands now, it’s like that friend who keeps saying, “I’ll be there in five!” while still in their pajamas.
More Questions than Answers
And here comes another Peter to the party, market analyst Peter Brandt. He’s spotted this same trend and is all “Hello! McFly?!” to those hyping Bitcoin’s adoption. Brandt sees it as a crucial test for Bitcoin’s long-term narrative as the ultimate meme—uh, I mean, store of value.
For all of the hype and supposed adoption rate Bitcoin has received in recent years, VERY INTERESTING the $BTC has struggled to pull away from Gold $GLD $GC_F
— Peter Brandt (@PeterLBrandt) February 9, 2025
Now, the Bitcoin zealots have their whole checklist of reasons why their beloved crypto is still the cool kid in the room, maturing and totally on its way to dominate everything. But Schiff’s question hangs in the air like a bad odor: If Bitcoin is going to overthrow gold, why hasn’t it already? Somebody pass the popcorn. 🍿
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2025-02-10 18:23