Peter Schiff Downplays Bitcoin’s Recovery, Focuses on Gold’s Rally Saying It Has ‘Completely Broken out’

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.

#Gold trading above $2,100 tonight, for the first time in history, is far more significant than @Bitcoin trading above $40K. Gold has completely broken out. It’s in uncharted territory, while Bitcoin still needs to rally more than 60% from here just to make a new high.

— Peter Schiff (@PeterSchiff) December 3, 2023

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.

#Bitcoin entered a negative correlation with the S&P 500. It’s not a tech stock anymore. It’s the digital gold.

h/t @jjcmoreno pic.twitter.com/AnxIdGCG4O

— Ki Young Ju (@ki_young_ju) December 4, 2023

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.

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