Peter Schiff, a well-known economist, has taken a swipe at investors for dismissing gold’s recent record high amidst the Bitcoin frenzy. Taking to X (formerly Twitter), Schiff highlighted that gold had reached another peak, but its significance was being overshadowed by the overwhelming focus on Bitcoin.
Schiff, a staunch critic of Bitcoin, argued that investors, caught up in the Bitcoin hype, are not only missing out on gold’s gains but also the important message it carries. He believes the rise in gold prices is a warning sign that monetary policies are too loose and inflation is on the rise.
Many users on X challenged Schiff’s attempt to downplay Bitcoin’s gains and exaggerate the significance of gold’s minor increase. One user, Tom, pointed out that gold was up just 0.2% compared to a 2% increase in Bitcoin.
As of this writing, spot gold traded at $2,632 per ounce, representing a 0.13% increase in the past 24 hours.
This isn’t the first time Schiff has attempted to discredit Bitcoin in comparison to gold. In the past, he has argued that Bitcoin lacks inherent value and is destined to fail. Interestingly, his claim that Bitcoin lacks real-world utility came at a time when former President Donald Trump purchased Smash burgers and Diet Coke using Bitcoin at a cryptocurrency-themed bar.
Previously, Schiff questioned the financial wisdom of investors choosing Bitcoin ETFs over Gold ETFs, claiming they had bet on the wrong horse.
At the time of writing, Bitcoin was trading at $63,045.85, down 2.22% in the past 24 hours, according to data from Benzinga Pro.
