Peter Schiff, CEO of Euro Pacific Asset Management, has stated that Bitcoin is "losing" against gold.
The assessment is based on the dismal price performance of the leading cryptocurrency.
Earlier today, gold reached yet another all-time high of $3,176 while Bitcoin remains nearly 30% away from its February peak.
According to CoinGecko, Bitcoin is currently trading at $78,669 after slipping to an intraday low of $78,669.
China is not buying
Schiff has also dismissed the idea of China potentially buying Bitcoin in order to catch up with the U.S. "They are not that dumb. They are happy to sell us Bitcoin, though," he said.
As reported by U.Today, the financial commentator previously stated that China had already sold its Bitcoin holdings.
Earlier, Wyoming Senator Cynthia Lummis predicted that there would be an arms race over Bitcoin with China.
A bear market rally?
After the massive relief rally that took place on Tuesday, the U.S. stock market is down once again this Thursday. The S&P 500 has plunged by 3.46%, erasing a big chunk of its gains.
According to Schiff, U.S. equities experienced a "bear market rally" on Wednesday. He believes that it is not "too late" to sell stocks.
Vladislav Sopov
Dan Burgin