Zinger Key Points
- Peter Schiff highlights that one Bitcoin now buys 27.7 ounces of gold, far less than in 2021.
- He urges the U.S. government to focus on gold reserves instead of Bitcoin.
- The new Benzinga Rankings show you exactly how stocks stack up—scoring them across five key factors that matter most to investors. Every day, one stock rises to the top. Which one is leading today?
Prominent economist Peter Schiff is once again taking shots at Bitcoin BTC/USD, highlighting its underperformance against gold.
What Happened: In a series of posts on X, Schiff noted that Bitcoin's value in gold terms has fallen 24% since its 2021 peak, framing Bitcoin's weakness as a “stealth bear market” while gold, as "real money," continues to appreciate.
He pointed out that currently one BTC buys 27.7 ounces of gold while in 2021 it could purchase 36.3 ounces of gold.
In an X post on Thursday, Schiff pointed out that while gold is surging towards $3,000 per ounce, both Bitcoin and stocks are in decline.
He questions why the U.S. government is considering a Bitcoin reserve rather than increasing its gold holdings.
Schiff vs. Saylor: The Gold vs. Bitcoin Debate Continues
In an X post on Friday, Schiff tagged Strategy MSTR executive chairman and co-founder Michael Saylor, claiming that gold will be the "apex predator" and overtake Bitcoin as the ultimate store of value.
Saylor, however, remains steadfast in his belief that Bitcoin will surpass gold as the premier non-governmental store of value, referring to BTC as the "apex property of the human race."
Strategy currently holds 478,740 BTC in its treasury, based on most recent updated statistics.
What's Next: Crypto trader Viktor noted that Saylor held through a 77% drawdown in 2022 without selling and has no plans to offload BTC anytime soon.
Even if Bitcoin dropped to $18,000, Strategy’s debt remains manageable due to its long-term repayment schedule.
Crypto trader Chimp of the North pointed out that Bitcoin historically enters a bear market whenever it breaks below its 50-day moving average—and it's currently retesting that level.
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