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%.
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.
To that, Schiff replied that he views the same chart in favor of Gold.
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.
Gamza KhanzadaevIn 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.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
U.Today Editorial Team