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Peter Schiff Disparages Bitcoin (Again) as Gold Hits All-Time High

Gold hits all-time high, sparking renewed Bitcoin derision from goldbugs

Spot gold prices have soared to unprecedented levels, eliciting a resurgence of debate among investors, particularly those with a vested interest in the precious yellow metal. On April 3, gold achieved a remarkable all-time high of $2,304 per ounce, marking an 11.5% year-to-date gain for an asset class renowned for its typically gradual appreciation.

The ascent of gold commenced in mid-February, with prices climbing from approximately $2,000 per ounce to over $2,200 by late March. This surge was attributed to several factors, including mounting global tensions, uncertainties surrounding potential interest rate adjustments, and the ongoing process of de-dollarization, as highlighted by Nanette Abuhoff Jacobson, an investment strategist at Hartford Funds, in an interview with MarketWatch on April 3.

Peter Schiff and Charlie Morris take swipes at Bitcoin

However, amidst gold's remarkable rally, staunch gold advocate and Bitcoin critic Peter Schiff took to social media on April 3 to draw attention to what he perceived as Bitcoin's lackluster performance compared to the precious metal. Schiff emphasized that while Bitcoin had incurred a 7% decline in the second quarter of 2024, silver and gold had registered respective gains of 8.7% and 3.4%.

Nevertheless, some observers swiftly countered Schiff's assertions, pointing out that Bitcoin had surged by a staggering 55% since the beginning of the year, surpassing gold's gains by a substantial margin. In a follow-up post, Schiff urged individuals to consider swapping their Bitcoin holdings for gold and silver, insinuating that favorable prices for the latter may not persist indefinitely.

Charlie Morris, an analyst and researcher at Bytetree, seized the opportunity to critique Bitcoin's environmental footprint, contrasting gold's record-breaking performance with the cryptocurrency's energy-intensive mining process. However, proponents of Bitcoin were quick to defend the digital asset, highlighting its comparatively lower environmental impact and emission intensity relative to traditional gold mining practices.

Bitcoin proponents argue for cryptocurrency's superiority over gold

Brady Swenson, co-founder of Swan, emphasized the importance of understanding the environmental implications of gold mining, underscoring the destructive nature of the process.

The article concludes by noting contrasting trends in the exchange-traded fund (ETF) market, where gold-tracking ETFs experienced significant outflows, while spot Bitcoin funds witnessed substantial inflows over the same period.