Is Bitcoin 'Digital Gold?' Peter Schiff Says 'Perhaps It Never Will' Make A New High Priced In Gold As Economist Shares Data That Undermines The Case
Portfolio Pulse from Shanthi Rexaline
Economist Peter Schiff critiqued Bitcoin's comparison to gold, noting that while Bitcoin reached new highs in dollar terms, it hasn't set new highs when priced in gold. This observation challenges the notion of Bitcoin as 'digital gold.' Despite this, Bitcoin has seen significant gains, with a 67% increase this quarter following a 155% increase in 2023, partly due to SEC approval for Bitcoin ETFs. Gold also ended the quarter at a record high, suggesting both assets are currently performing well.
March 31, 2024 | 7:34 pm
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Bitcoin's recent gains and the anticipation of further increases due to the upcoming Bitcoin halving could be tempered by critiques of its comparison to gold, potentially affecting investor sentiment.
Bitcoin's performance, especially in light of SEC approval for Bitcoin ETFs and the upcoming halving, suggests a positive outlook. However, Schiff's comments and the comparison to gold's performance could introduce caution among investors, leading to a neutral short-term impact.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80