Economist Peter Schiff on Sunday shrugged off Bitcoin’s BTC/USD recent record run and took exception to its comparison with gold.
What Happened: Sharing a chart on X showing Bitcoin’s value denominated in dollar, Schiff said, although the cryptocurrency made a new high priced in dollars, it hasn’t hit “a new high priced in gold.”
“Perhaps it never will. That undermines the case for Bitcoin being digital gold,” he added.
Gold is considered a safe haven that can insulate one’s investment during inclement conditions. It is typically added to portfolios to reduce volatility.
See Also: How To Buy Bitcoin (BTC)
Why It’s Important: Bitcoin was one of the best-performing assets in 2023 and the buoyant sentiment continued into 2024. After adding over 155% in 2023, the king crypto has added about 67% this quarter amid SEC approval for spot Bitcoin BTC/USD exchange-traded funds.
Larry Tentarelli, Chief Technical Strategist at Blue Chip Daily Trend Report expects the crypto to gain further ground this year and finish at over $100,000. The upcoming Bitcoin halving, expected around April 19-20, could be the catalyst driving it higher, provided that the 10-year bond yield does not break out over 4.40%.
But some analysts predict a pullback after the recent gains. Schiff, for one, has accused the media of promoting Bitcoin and highlighted the limitations in trading Bitcoin ETFs.
Gold, meanwhile, is on a strong run, ending the quarter at a record high of $2,254.80. It peaked at $2,256.90 on Thursday.
At last check, Bitcoin traded up 0.80% at $70,510.10, according to Benzinga Pro data.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
