The post Peter Schiff Declares Gold the Winner: Is Bitcoin Losing Its Shine? appeared first on Coinpedia Fintech News
Bitcoin critic and gold advocate Peter Schiff has made headlines again by claiming that gold is winning the investment race against Bitcoin. He noted that gold has hit a record high of over $2,614. In contrast, Bitcoin hasn’t reached a new peak since March 2023. This difference shows how Bitcoin is struggling to keep up with gold’s strong performance.
Gold Winning The Race: Bitcoin Lagging
In a recent tweet, Peter Schiff pointed out that many investors are reconsidering their choices due to current economic worries. While traditional markets fluctuate, gold is becoming a safer option. Its rising price shows that more people trust gold’s stability, especially since Bitcoin has been struggling.
Another day, another record high for the price of #gold, which is now trading above $2,614. In contrast, #Bitcoin hasn't made a new high since March, and against gold, it hasn't made a new high since Nov. 2021. How long does this trend have to last before #HODLers admit defeat?
— Peter Schiff (@PeterSchiff) September 20, 2024
Gold has always been a reliable protection against inflation and currency devaluation. Its tangible nature and long history as a store of wealth make it a stable choice for preserving capital over time.
In contrast, Bitcoin has a market cap of about $1.22 trillion, while gold boasts a massive global market cap of over $17.7 trillion—reflecting a 17 times larger value compared to Bitcoin!
In fact, Gold has provided strong returns in 2024, especially amid international tensions. More central banks are buying large amounts of gold as reserves, while Bitcoin has faced challenges during these uncertain times.
Bitcoin’s recent performance has been shaky, stuck in the $55,000 to $63,000 range due to the impact of a stock market crash in Japan caused by rising interest rates from the Bank of Japan. This situation has made it difficult for Bitcoin to regain its all-time high of $73,983 reached in March.
Schiff’s Question For Bitcoin, “HODLers”
Meanwhile, Schiff asked a bold question: how long will Bitcoin holders, “HODLers,” keep holding on before they admit they’ve lost this investment race? This question hits home for many in the crypto world, where Bitcoin supporters have been waiting for its price to bounce back.
But with Bitcoin lagging behind gold, some are beginning to reconsider their investment choices.
