Peter Schiff, known for his criticism of Bitcoin, has shared his belief that gold may surpass Bitcoin in the coming month, despite CNBC's Fast Money not suggesting gold ETFs.
On Tuesday, Schiff expressed his views on the recent investment recommendations made on CNBCFastMoney via X (formerly Twitter). Despite gold reaching a record-high close, none of the panel members advised purchasing a gold ETF or any gold mining stocks. Instead, one member recommended investing in one of the new Bitcoin ETFs.
Schiff, known for his advocacy of gold, has voiced doubts about the strength of US economic growth and frequently pointed out the differing performances of gold and Bitcoin. He has observed critically the divergent trajectories of gold and Bitcoin ETFs' performances, despite both reaching record highs.
Since the start of 2024, Bitcoin has surged by over 67%, reaching a peak of $73,750.07 on March 14. In comparison, spot gold has increased by 8.25% during a similar timeframe.
Prominent Bitcoin critic Peter Schiff has recently criticized CNBC's Fast Money for favoring Bitcoin ETFs over gold investments, despite gold reaching record highs. Schiff, known for his advocacy of gold, expressed skepticism about the quality of US economic growth and highlighted the contrasting performances of gold and Bitcoin.
He observed the divergent paths of gold and Bitcoin ETFs' performances, despite both reaching record highs.
While Bitcoin appreciated by over 67% since the beginning of 2024, hitting an all-time high of $73,750.07 on March 14, spot gold rose by 8.25% during a similar period.
Schiff's stance is significant amidst the cooling of the crypto rally and his consistent criticism of Bitcoin. Despite expressing regret for not purchasing Bitcoin back in 2010, Schiff remains a staunch advocate of gold.
He has warned about a potential credit bubble in the US economy, citing data from the Bureau of Economic Analysis, and criticized CNBC for often emphasizing Bitcoin's positive gains while overlooking its declines.
Schiff's prediction for April coincides with Bitcoin ETFs experiencing their worst day since going public, while gold ETFs continue to close at record highs. This divergence in performance, as Schiff suggests, might indicate potential trouble ahead for Bitcoin and its ETFs.
March 2024, Cryptoniteuae