Bitcoin vs Gold: Veteran Trader Peter Brandt Reignites the Debate, Highlights BTC's Underperformance

Veteran trader Peter Brandt has reignited the Bitcoin vs Gold debate, highlighting how the flagship crypto has performed against gold.

Veteran trader highlights Bitcoin performance against gold, sparking debate.

Renowned economist emphasizes gold over BTC.

Veteran trader Peter Brandt has sparked the Bitcoin vs. Gold debate once again, highlighting how the flagship crypto has fared against gold. This discussion has been ongoing for some time, with some arguing that Bitcoin is a better store of value than gold, while others maintain gold’s superiority.

Highlighting a chart of BTC/Gold, Brandt claimed that Bitcoin has made “no progress” in 42 months in its Gold pair. He pointed out how the flagship crypto remains below the March 2024 high and the double highs in 2021.

“Gold is making new highs. Bitcoin is making no progress. It’s been 42 months since BTC made a new high in its Gold pair. Despite the fanfare, BTC is lagging.”

Bitcoin Price Analysis: BTC Trades Sideways as Key Resistance Approaches

The price of Bitcoin has remained largely unchanged over the past 24 hours, with the world’s leading cryptocurrency currently trading at $69,400. BTC’s price has been consolidating within a narrow range for the past few days, following a sharp rally that saw the cryptocurrency reach a new all-time high of $73,000 earlier this week.

Bitcoin’s lack of progress in its Gold pair is evident when compared to gold’s performance. The precious metal has been rallying to new highs, recently rising above the $2,770 level.

BTC and gold have always been compared, as experts view both assets as a store of value. Some experts have also argued that the flagship crypto has an edge against gold, despite being commonly called ‘digital gold.’

Peter Brandt also highlighted the importance of these assets in the “heavyweight division” in the battle against fiat depreciation.

“Both assets are in the heavyweight division in the battle against fiat depreciation. Which asset do you prefer to own in a fiat world?”

Given BTC’s underperformance against gold, the latter seems to be living up to the hype more as a store of value. There is also the argument that crypto’s correlation with the stock market shows that investors view it more as a risk asset than a hedge against inflation.

However, it is worth noting that both gold and Bitcoin have limited supply, which could drive their value up in the long term.

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