Bitcoin replace gold Value ?🙊

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Bitcoin will never replace gold as the ultimate store of value. - Peter Schiff

On March 6, Bitcoin's price skyrocketed above $70,000, smashing the previous record set in November 2021 during the epidemic. Similarly, gold hit a new all-time high of $2,145.37, beating its previous high from last December.

Economist Peter Schiff expressed worries about Bitcoin's recent price spike, particularly in relation to gold. Despite Bitcoin achieving new highs in dollar terms, he noted that when evaluated against the precious metal, the principal crypto asset has not reached new highs.

Schiff's comments come against the backdrop of Bitcoin's impressive performance improvements. The cryptocurrency increased by more than 155% in 2023, and this upward trend is expected to continue into 2024, when it will have added almost 67% in value. This spike coincides with the SEC's approval of spot Bitcoin exchange-traded funds, which is boosting institutional investor sentiment.

Schiff, known for his critical attitude on Bitcoin, also criticized the media's portrayal of the cryptocurrency and questioned the viability of trading Bitcoin ETFs.

so what is the fate of bitcoin in the future digital economy?