Legendary trader Peter Brandt and long-time crypto skeptic Peter Schiff have clashed heads over the BTC/Gold debate.
It started with Schiff pointing to Bitcoin ETF weak performance, according to the financial expert, with gains under 10% since its launch. Gold, on the other hand, is up 24%.
As of today’s close, Bitcoin ETF gains since launch have been reduced to just under 10%, while $GLD is still up 24%. Therefore, investors made 140% greater returns by buying #gold instead of #Bitcoin. https://t.co/nX66MU2n57
— Peter Schiff (@PeterSchiff) September 6, 2024
Brandt replied, urging to look at the Gold/BTC debate with a long-term perspective. According to the chart shared by Brandt, a Head and Shoulders pattern is forming, favoring BTC rather than Gold futures.
Peter, your comments need to be put into the perspective of a long term chart. The $BTC/GC_F ratio could dip into the high teens, but massive continuation inverted H&S is forming — favoring Bitcoin https://t.co/Gld8cb2RQV pic.twitter.com/rwJgY24b57
— Peter Brandt (@PeterLBrandt) September 6, 2024
To that, Schiff replied that he views the same chart in favor of Gold.
Peter, your comments need to be put into the perspective of a long term chart. The $BTC/GC_F ratio could dip into the high teens, but massive continuation inverted H&S is forming — favoring Bitcoin https://t.co/Gld8cb2RQV pic.twitter.com/rwJgY24b57
— Peter Brandt (@PeterLBrandt) September 6, 2024
Gold is traditionally seen as a safe-haven asset in volatile economic times and tends to rise when inflation rises. Currently, institutional investors view Bitcoin as a rick asset, while many think of BTC as “digital gold” that will replace the precious metal.
In mid-August, the Gold prices experienced a major drop as investors reacted to the latest U.S. inflation data, which came in below expectations.
Peter Schiff reacted calling Bitcoin “anti-gold.” In his view, investors have misread the inflation data, which, as he says, led to an unwarranted sell-off in the precious metal.