While Bitcoin (BTC) faced a rejection at $64,000, gold has surged to a new all-time high of $2,619.36. This surge has fueled by growing concerns
Prolific gold advocate and crypto skeptic Peter Schiff has reignited the gold vs. Bitcoin (BTC) debate, highlighting the precious metal's record-breaking rally and contrasting it with BTC's lackluster performance.
Taking to the social media platform X (formerly Twitter), Schiff taunted BTC HODLers (holders) as gold surged to new all-time highs.
“Another day, another record high for the price of #gold, which is now trading above $2,614. In contrast, #Bitcoin hasn't made a new high since March, and against gold, it hasn't made a new high since Nov. 2021. How long does this trend have to last before #HODLers admit defeat?”
Schiff's statement sparked a renewed debate between Bitcoin and gold enthusiasts. The latest gold rally follows the Federal Reserve's decision to implement an oversized rate cut of 50 basis points this week, with an additional cut projected by the end of the year.
This move has stalled the recent recovery in U.S. Treasury bond yields and weakened the U.S. Dollar (USD), benefiting non-yielding assets like gold.
Additionally, economic concerns in the U.S. and China, coupled with escalating geopolitical tensions in the Middle East, have pushed investors towards safe-haven assets, further contributing to gold's rise.
The gold price enjoyed strong momentum for the second consecutive day on Friday and is set to close in the green for a second straight week. Analysts maintain a bullish outlook for gold, supported by the Federal Reserve's dovish stance and central banks in Asia and Russia increasing their gold purchases to reduce reliance on the USD.
While the market's current risk-on sentiment may limit fresh bullish bets on gold, the fundamental backdrop favors further appreciation in the near term. Moreover, with geopolitical risks persisting, including the Russia-Ukraine war and uncertainty surrounding U.S. political dynamics ahead of the November elections, gold is likely to retain its appeal as a safe haven.
Meanwhile, Bitcoin price, which briefly touched the $64,000 mark before retreating to around $63,700, has not kept pace with gold's meteoric rise. Although BTC received a slight boost from the 50 bps Fed rate cut, it has struggled to regain its March 2024 highs.
Due to BTC's sluggish performance since the start of the third quarter, Schiff's criticism has resonated with traditional investors. He observes Bitcoin’s performance lagging significantly behind gold, questioning its credibility as a reliable store of value.
However, market analysts point out that September is typically a slow period for the crypto market, with October often bringing a rebound. Therefore, Schiff's comparison between Bitcoin and gold may be premature at this stage, given the cyclical nature of the crypto market.
Prominent figures like Anthony Scaramucci and Robert Kiyosaki have doubled down on their $100,000 BTC price target for this year.
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