Noted economist Peter Schiff criticized investors for disregarding gold’s record highs due to the Bitcoin BTC/USD frenzy.
What Happened: Schiff took to X to point out that gold had reached another record high but the significance of this rise was being overlooked due to the overwhelming focus on Bitcoin.
“Gold just hit another record high, but few investors notice or care. With so much attention focused on Bitcoin, investors are not only missing out on gold’s gains, but the significance of the rise,” the staunch Bitcoin critic argued.
He further warned that gold’s rise indicates that money policy is too loose and inflation is set to increase.
Many X users countered Schiff’s attempt at exaggerating gold’s minor increase and downplaying Bitcoin’s gains. A particular user Tom reminded Schiff how gold was up just 0.2% as compared to a 2% uptick in Bitcoin.
As of this writing, Spot gold traded at $2,632 per ounce, reflecting an increase of just 0.13% in the last 24 hours.
Why It Matters: This was not Schiff’s first attempt to trivialize Bitcoin in relation to gold. He has previously argued that Bitcoin lacks intrinsic value and is destined to fail.
Interstingly, Schiff’s argument of Bitcoin possessing no real-world utility came at a time when former President Donald Trump paid for Smash burgers and Diet Coke using Bitcoin at a cryptocurrency-themed bar.
Earlier, Schiff questioned investors’ financial wisdom for choosing Bitcoin ETFs over Gold ETFs, saying that they bet on the wrong horse.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,045.85, down 2.22% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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