March 28, 2024 9:48 PM | 3 min read |
Peter Schiff, a prominent critic of Bitcoin (CRYPTO: BTC), has expressed his views on the potential of gold outperforming Bitcoin in the upcoming month despite the lack of recommendations for gold ETFs on CNBC’s Fast Money.
What Happened: On Tuesday, Schiff took to X (formerly Twitter) to voice his thoughts on the recent investment advice given on CNBCFastMoney. Despite the record-high close for gold, none of the crew members recommended buying a gold ETF or any gold mining stock. Instead, one member suggested buying one of the new Bitcoin ETFs.
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Schiff, being a known proponent of gold, has expressed his skepticism about the quality of US growth and has often highlighted the contrasting performances of gold and Bitcoin. He has critically observed the divergent paths of gold and Bitcoin ETFs’ performances despite both hitting record highs.
Bitcoin has appreciated over 67% since 2024 began, hitting an all-time high of $73,750.07 on March 14. In contrast, spot gold has risen 8.25% in a similar period.
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Why It Matters: Schiff’s stance comes amid the cooling of the crypto rally and his consistent criticism of Bitcoin. His skepticism towards the apex cryptocurrency has been evident in his past statements and tweets. Despite expressing a twinge of regret for not purchasing Bitcoin back in 2010, Schiff has remained a staunch advocate of gold.
He has repeatedly warned about the potential credit bubble in the US economy, citing data from the Bureau of Economic Analysis, and has been critical of CNBC for consistently highlighting the positive gains of Bitcoin while often overlooking its declines.
Schiff’s prediction for April comes at a time when Bitcoin ETFs have experienced their worst day since going public, whereas gold ETFs have continued to close at record highs. As Schiff suggests, this divergence in performance might be a sign of potential trouble ahead for Bitcoin and its ETFs.
Price Action: At the time of writing, the price of BTC was $70,871, up 0.10% in the last 24 hours, according to Benzinga Pro. On the other hand, spot gold was seen trading 1.72% higher at $2,232.37.
Read Next: Here’s How Much $100 In Bitcoin Could Be Worth In 2030 If Cathie Wood’s New Price Target Is Reached
Peter Schiff Wikimedia Commons
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