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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.
| 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.”
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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.
 
					
 
			 
                                 
                             