Peter Schiff, a well-known Bitcoin critic, remains steadfast in his belief that Bitcoin cannot be classified as digital gold. Recently, he took to Twitter to showcase his interaction with ChatGPT, asserting that the AI agreed with his stance. “It didn’t take me long to get ChatGPT to agree that Bitcoin is not digital gold, demonstrating that artificial intelligence can change its mind when confronted with logic,” Schiff tweeted.
This statement has ignited a two-sided debate on the nature of Bitcoin. Supporters of Bitcoin countered Schiff’s claims, arguing that AI can be manipulated to reflect biased viewpoints. One user pointed out, “AI is actually pretty crappy right now, Peter. It’s easy to get it to say what you want.”
Interestingly, while Schiff maintains his opposition to Bitcoin, market investors have noted his apparent obsession with the cryptocurrency. In contrast, responses from Elon Musk’s AI, GROK, highlight a more nuanced view: “Ultimately, whether gold or Bitcoin is a better store of value depends on your investment horizon, risk tolerance, and belief in the future of digital currencies versus traditional assets. Both assets serve different investor psyches and economic environments.”
Both Bitcoin and gold have shown positive performance over the weekend. Gold prices rose by more than 1.2% on Friday, concluding the week with modest gains of 0.22%. This uptick followed the release of inflation data, which tempered the dollar's rise. As of now, gold is trading at approximately $2,656, with analysts predicting a potential rise to $2,700. However, if momentum fades, prices could dip below $2,600.
On the Bitcoin front, the price recently dropped below $60,000 for the first time in three weeks but has since rebounded, trading at $62,948—a 3.3% increase today. This volatility has resulted in significant market liquidations, with 42,234 traders liquidated over the past 24 hours, totaling $114.54 million. The largest single liquidation was recorded on OKX, valued at $6.09 million.
Bitcoin’s recent recovery is partially attributed to Mt. Gox pushing its repayment plans to 2025, alleviating some investor anxiety. However, the cryptocurrency has been trading sideways for nearly 200 days since its halving in April. Ki Young Ju, CEO of CryptoQuant, warned that if Bitcoin does not ignite a bull market within the next 14 days, it will mark the longest period of stagnation since the last halving.
Long-term trader Peter Brandt also expressed concern, noting that Bitcoin has been below its all-time high of $72,000 for 30 weeks. He predicts that if Bitcoin fails to achieve a new all-time high soon, it could see a decline of more than 75%.
Altcoins and memecoins are also participating in the market recovery. Ethereum has reached $2,454, reflecting a 1.8% increase in the last 24 hours. Meanwhile, XRP is trading above $0.5300 as Ripple continues its counter-appeal against the SEC lawsuit.
As the market evolves, the ongoing debate between Bitcoin and gold remains a focal point for investors and commentators alike.
October 2024, Cryptoniteuae