Peter Schiff Highlights Diverging Trends: Bitcoin Falls 8% While Gold Rises 23% Over Six Months

Peter Schiff, a well-known economist, has recently pointed out a big difference in how Bitcoin (BTC/USD) and gold have performed over the past six months. Many people seem to have missed this trend.

On his YouTube channel, Schiff explained that Bitcoin has dropped by 8% during this time. In contrast, gold has risen by 23%. He believes this gap shows a shift in momentum, suggesting that Bitcoin is losing ground to gold.

Schiff went on to say that the idea of Bitcoin catching up to gold or matching its market cap seems less likely now. Gold's market cap has grown significantly compared to Bitcoin's.

He acknowledged that Bitcoin has gained about 36.33% this year. However, most of those gains happened in the first two months, mainly due to the excitement around spot ETFs. “If you didn’t buy it early in January, you don’t have any gains,” he noted. “In fact, most people who bought Bitcoin this year, whether directly or through an ETF, are losing money. On the other hand, hardly anyone who bought gold is losing money.”

Schiff’s views on Bitcoin have stirred up some controversy. He has faced criticism from Bitcoin supporters who say he picks short timeframes to highlight Bitcoin's weaknesses while boosting the performance of gold.

Last month, Schiff reiterated his skepticism about Bitcoin. He mentioned that he hasn’t heard a strong argument that would change his mind. He’s open to new ideas but hasn't found anything convincing enough to shift his position.

Given these points, Schiff’s latest comments further emphasize his belief that gold is performing better than Bitcoin.

As of now, Bitcoin is trading at $57,657.50, down 1.60% in the last 24 hours. Meanwhile, spot gold is priced at $2,491.98 per ounce, down 0.46%.