As a seasoned investor with over three decades of experience in the financial markets, I find myself constantly intrigued by the ongoing debate between gold and cryptocurrencies, particularly Bitcoin (BTC). The recent price surge of BTC to a six-month high has once again sparked a flurry of opinions from both bulls and bears.
This morning, the cost of Bitcoin (BTC) reached a fresh six-month peak, currently being exchanged at approximately $69,519.52, as shown by data from Binance.
Over the past few months, following Bitcoin’s peak in March, a significant resistance level was breached only five days ago, leading to a drop of over 5.4% in its price within the subsequent five days. At present, Bitcoin is closer than it has been in months to reaching a new all-time high.
To Peter Schiff, the recent event appears insignificant compared to gold. The respected financial expert, known for his banking work and criticism of cryptocurrencies, believes that gold, which he advocates for, reaching a new high of $2,740 per ounce, holds more value.
Once again, @JoeSquawk spoke about Bitcoin reaching a meaningless six-month peak, yet disregarding gold’s highly noteworthy record high!
— Peter Schiff (@PeterSchiff) October 21, 2024
According to a banker whose Euro Pacific Bank was suspended by the Puerto Rican government, it seems quite unjustified that the meteoric rise of gold is being disregarded entirely by mainstream news outlets, while the price fluctuations of Bitcoin are given extensive coverage.
Gold v. Bitcoin
As an analyst, I find myself aligned with Mr. Schiff’s perspective. Either reporters lack a comprehensive understanding of economics and finance to grasp the weight of gold’s recent surge, or they might be strategically concealing this significance from the public eye.
It’s noteworthy that while Peter Schiff maintains gold’s supremacy over major cryptocurrencies, contrastingly, financial expert Peter Brandt foresees BTC increasing by over 400% compared to gold prices.
On the other hand, as per the trader’s statement, this doesn’t imply that gold prices will decrease. Instead, he discloses that he not only holds a long position in Bitcoin but also has investments in gold futures.
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2024-10-21 18:38