Peter Schiff Describes Bitcoin’s Jump Over $126,000 As ‘Bear Market Rally’: ‘Too Early For Bitcoiners To Get Excited…’

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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.

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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.

Over a two-year period, however, the comparison has shifted significantly, with one Bitcoin now costing double the amount of gold it did before.

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.”

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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.