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Gold advocate Peter Schiff, known for his hostility towards Bitcoin, continues to make a BTC-gold comparison.
The famous name, who denigrates BTC at every opportunity, said in his post from his X account that although Bitcoin priced at a new high in dollar terms, it did not reach a new high against gold.
Peter Schiff: “While Bitcoin experienced a new rise in the dollar, it could not make a new rise against gold. Maybe this will never happen. This weakens the claim that Bitcoin is digital gold.” said.
After this post, he addressed Bitcoin supporters who found gold's rise to be low and pointed out that gold's 3% gain in the last two days was equal to the total market value of approximately $450 billion.
Schiff later claimed that Bitcoin would need to rise to $94,000 to experience such a rally against the dollar.
“Bitcoin pumpers are mocking the “meager” $25 rise in gold price tonight. But after Friday's $39 rise, that 3% two-day gain equates to about $450 billion in total market capitalization. Bitcoin's gold has to cover that rise.” “It will have to increase by approximately 23 thousand dollars to 94 thousand dollars.”
The Bitcoin community argued that Peter Schiff's $94,000 Bitcoin-gold quote was a prediction for the BTC price in the coming days.
Bitcoin pumpers are making fun of tonight's "meager" $25 rise in the price of #gold. But following Friday's $39 rise, this 3% two-day gain equates to about $450 billion of total market capitalization. To match that dollar gain, #Bitcoin would have to rise by about $23K to $94K.
— Peter Schiff (@PeterSchiff) April 1, 2024
*This is not investment advice.