Peter Schiff Takes A Victory Lap As Gold Hit New All-Time High At $3,600: Bitcoin Is The 'Wrong Horse'
Bitcoin critic Peter Schiff highlighted gold's surge to an all-time high of $3,600, suggesting that investors who favor Bitcoin over gold have "picked the wrong horse." Bitcoin is currently about 15% lower than its 2021 peak, while gold's rise is attributed to the Federal Reserve's anticipated rate cuts. Some Bitcoin supporters argue that while gold may excel in the short term, Bitcoin will outperform in the long run. Analysts predict gold could reach $4,500 within a year, indicating a potential bullish signal for Bitcoin if it breaks out of its current range.
Bitcoin's BTC ongoing consolidation phase has sparked a heated debate, with critics pointing to gold's breakout as proof that BTC has lost steam.
What Happened: Bitcoin critic Peter Schiff noted that Gold GLD surged to fresh all-time highs around $3,600 as the Federal Reserve prepares to cut rates despite sticky inflation.
By comparison, Bitcoin has failed to respond, lagging gold's breakout and sitting about 15% lower vs. gold than its 2021 peak, Schiff argued.
He framed the divergence as proof that investors backing Bitcoin over gold "picked the wrong horse."
Bitcoin proponents fired back, with one quipping that "gold may win the sprint, but Bitcoin will win the marathon," and others predicting BTC to hit $1 million before gold reaches $5,000.
Also Read: Dipping Below $95,000 Would End Bitcoin’s Bull Market, Analyst Warns
What's Next: Daan Crypto Trades noted Bitcoin remains rangebound against gold, with the ~37 BTC/gold ratio acting as resistance since 2021.
Historically, he said, gold rallies have preceded Bitcoin strength, meaning gold's new highs could be a bullish mid-term signal for BTC if it breaks out.
Meanwhile, macro analyst George Gammon forecasts gold to rise to $4,500 within a year, driven by central bank demand even as retail investors remain net sellers. He mapped out three scenarios:
- In a severe liquidity crisis, gold may hit $4,000.
- In a standard recession, $4,500.
- In the most bullish case with no recession, also $4,500.
Gammon stressed gold's breakout signals an early-stage bull market, supported by institutional rather than retail flows.
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