Schiff says Bitcoin cannot be compared to gold as gold has hit a new record while BTC is peaking. Prominent Bitcoin (BTC) critic Peter Schiff has expressed his bearish view on the world’s largest digital coin. According to Schiff, BTC is currently trending down below $58,000.
In a post on X, Schiff compared Bitcoin’s performance to that of gold. Schiff, who has been a gold bull, noted that gold is at a new record high of $2,586. In a previous post, Schiff said that silver had broken through $31 while Bitcoin had fallen below $59,000. He added that “not only is Bitcoin not digital gold, it’s not even digital silver.”
Bitcoin is often compared to gold and is considered a digital version of the precious metal because of its investment potential. However, Schiff has always disagreed with this view, believing that the digital coin has no intrinsic value.
Schiff Prefers Gold Over Bitcoin
Schiff, CEO and global strategist at asset management firm Euro Pacific Capital Inc, also believes that the Bitcoin market has “likely topped.” Responding to a user who challenged him on his criticism of Bitcoin at $58,000, Schiff explained that the point of the post was that Bitcoin was peaking, suggesting the possibility of “going much lower than $58,000.”
Last Friday, Schiff celebrated gold at $2,573, calling it a lucky day for gold investors. In typical fashion, he mocked Bitcoin, saying its speculators were unlucky. Interestingly, Schiff added that record gold prices often point to issues like unemployment, inflation, and the possibility of a recession.
The prominent investor recently criticized CNBC’s Fast Money program for not mentioning gold despite its record highs and top gold mining stocks. He added that CNBC is unfair in reporting on Bitcoin every time it hits a new high.
Pro-Bitcoin Love from Kiyosaki and Standard Chartered Bank
While Schiff is known for his criticism of Bitcoin, renowned author and investor Robert Kiyosaki is a staunch supporter. The author of the book Rich Dad Poor Dad recently recommended using personal Bitcoin to avoid the economic problems caused by the US national debt. Kiyosaki noted that the debt has reached $35 trillion, a problem that he said no one, not Donald Trump or Kamala Harris, can solve. According to him, the US debt increases by more than $1 trillion every 100 days, pointing out that “the US dollar is garbage.” Kiyosaki’s solution is to stop saving US dollars and hold assets like Bitcoin, gold, and silver.
Financial services giant Standard Chartered also has a positive view on Bitcoin regardless of who wins the election. Overall, the bank believes that the potential impact of the election on the Bitcoin market may be overblown. According to Geoff Kendrick, global head of digital asset research, Bitcoin's growth depends on a variety of factors, not just on who wins the election. The report predicts a rise to $125,000 under Trump or $75,000 under Harris. This prediction would occur by the end of the year.
However, Kendrick believes some volatility is possible, especially if Harris wins. Bitcoin may initially sell off but then resume its rally as regulatory reform and institutional adoption continue.
