Bitcoin is holding relatively steady despite gold, its main competitor in the “safe haven” category, experiencing a massive crash.
The yellow metal is currently down more than $1,100 from its record high that was recorded in early February.
In fact, gold is now on the cusp of recording its worst weekly drop since 1983.
Peter Schiff’s Nightmare: Bitcoin Holding Steady as Gold Crashes
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Samson Mow of JAN3 now claims that Bitcoin is the new gold after the cryptocurrency’s most recent overperformance. As reported by U.Today, Fidelity’s Jurrien Timmer has also praised Bitcoin’s resilience in the wake of the recent market turbulence. In fact, equities, precious metals, and treasuries all sold off this week.
Peter Schiff, a vocal cryptocurrency nemesis, has yet to comment on Bitcoin’s relative stability during the current sell-off.
Some believe that gold is down due to the market pricing in rate hikes. There is currently a 54% chance of the rates increasing to 3.75%-4.00% during the October meeting.
However, Schiff insists that postponed rate cuts will not be bearish for gold.
“Postponed rate cuts are not bearish for gold. Traders still don’t realize that Powell’s tough talk is based on the false premise of a strong U.S. economy. Even as inflation soars, once higher rates push an already weak economy into recession, he’ll be singing a different tune,” he said on X.
More catching up to do
Bitcoin is currently in the process of reclaiming the $70,000 level despite inflation fears and soaring oil prices.
However, the bulls would still have a lot of catching up to do in order to steal gold’s luster.
For now, Bitcoin is still down 63% from its record peak of 41 ounces that was recorded back in December 2024.
Source: https://u.today/peter-schiffs-nightmare-bitcoin-holding-steady-as-gold-crashes
