Peter Schiff Downplays Bitcoin’s Recovery, Focuses on Gold’s Rally Saying It Has ‘Completely Broken out’
The price of the flagship cryptocurrency Bitcoin has recently surpassed the $40,000 mark for the first time since May 2022 to now trade at $41,400, but gold bug Peter Schiff has said that while it still has a way to go before reaching a new high, the precious metal has “completely broken out.”
In a series of tweets Schiff shared with his nearly 1 million followers on the microblogging platform X (formerly known as Twitter), Schiff noted that the price of gold traded above $2,100 for the first time in its history in a “far more significant” move than the price of Bitcoin moving over $40,000.
Per his words, Bitcoin would still need to rally more than 60% to make a new all-time high, while “gold is in a fast market now.” The precious metal notably rallied to a $2,140 all-time high before enduring a significant correction, to now trade at $2,020.
The price of gold is up around 12% year-to-date, while the price of the flagship cryptocurrency Bitcoin moved up around 150% amid a wider cryptocurrency market recovery, partly fueled by the expectation of a spot Bitcoin exchange-traded fund (ETF) being launched in the United States.
The price of gold was around $700 back in 2004 before the first gold exchange-traded fund was launched, with the SPDR Gold Shares then allowing investors to gain exposure to the precious metal through it and helping its price surge to $1,700 by 2011.
Various investors believe a spot Bitcoin ETF could do the same for the flagship cryptocurrency by allowing investors to gain exposure to it without having to control the private keys of a Bitcoin address.
The founder of CryptoQuant, Ki Young Ju, has recently noted on social media that Bitcoin has entered a negative correlation with the stock market’s benchmark index, the S&P 500, suggesting it’s no longer trading like a tech stock but instead as digital gold.
It’s worth noting that last week Standard Chartered reaffirmed an earlier forecast that BTC’s price will hit $100,000 by the end of next year.
Earlier, Standard Chartered had forecasted that BTC would hit a value of $120,000 by the end of the next year, attributing this prediction to Bitcoin’s established reputation as a dependable safe haven asset. The bank also underscored that BTC’s dominance in the market continues to hold strong, accounting for approximately 50% of the total market.
Featured image via Unsplash.