Benzinga and Yahoo Finance LLC might earn revenue through some links provided below.
Economist Peter Schiff expressed skepticism regarding the current surge of Bitcoin (CRYPTO: BTC), arguing that it’s premature to celebrate its progress.
In a post on X, Schiff noted that despite Bitcoin establishing a new dollar high of $126,000, it remains approximately 15% lower than its all-time high when measured against gold.
“I still believe it’s too soon for Bitcoin enthusiasts to be thrilled about the rally. Until Bitcoin achieves a new peak in terms of gold, this is merely a bear market rally,” remarked the gold advocate.
Trending: Would you consider investing in a new fund supported by Jeff Bezos that promises a 7-9% target yield with monthly dividends?
Currently, it takes roughly 31.429 ounces of gold to acquire one Bitcoin, compared to an all-time high of 40.05 ounces recorded last December.
|
Asset |
ATH Price in Gold ounces (Recorded on December 17, 2024) |
Price in Gold ounces (Recorded at 10:20 p.m. ET) |
Gains +/- |
Price in USD (Recorded on December 17, 2024) |
Price in USD (Recorded at 10:20 p.m. ET) |
|
Bitcoin |
40.05 |
31.429 |
-21.5% |
$106,140.60 |
$124,413.89 |
|
Gold |
NA |
NA |
NA |
$2,646.60/Ounce |
$3,968.32/Ounce |
Over a two-year period, however, the comparison has shifted significantly, with one Bitcoin now costing double the amount of gold it did before.
|
Asset |
Price in Gold ounces (Recorded on October 6, 2023) |
Price in Gold ounces (Recorded at 10:20 p.m. ET) |
Gains +/- |
Price in USD (Recorded on October 6, 2023) |
Price in USD (Recorded at 10:20 p.m. ET) |
|
Bitcoin |
15.316 |
31.429 |
+105.28% |
$27,946.60 |
$124,413.89 |
|
Gold |
NA |
NA |
NA |
$1,832.03/Ounce |
$3,968.32/Ounce |
When questioned about the price Bitcoin should reach to correspond with the movement of gold, Schiff answered, “It’s a fluctuating figure as gold continues to rise. But based on the current gold value, Bitcoin would need to ascend to roughly $148,000 to align with its peak priced in gold.”
See Also: An EA Co-Founder Shapes This VC Backed Marketplace—Now You Can Invest in Gaming’s Next Big Platform
Schiff’s remarks occur during a time of record-setting activity for both gold and Bitcoin, with gold spot prices surpassing $4,000 per ounce and Bitcoin reaching $126,000.
