Bitcoin Underperforms Gold Year-to-Date, Peter Schiff Notes
CryptoNewsTerminal Staff01 Sep, 2024
Bitcoin Underperforms Gold Year-to-Date, Peter Schiff Notes
Peter Schiff, CEO of Euro Pacific Capital and a well-known gold advocate and bitcoin skeptic, recently stated that Bitcoin has underperformed significantly compared to gold year-to-date (YTD). According to Schiff, despite the launch of the Bitcoin Spot ETF in February, the price of Bitcoin has declined by -8% since then through the end of August. In contrast, gold has surged by 23% over the same period. Schiff highlighted this contrast to emphasize his belief that momentum is shifting away from Bitcoin and towards gold. This news is significant as it offers a contrasting perspective on the performance of Bitcoin and gold, particularly in light of the recent launch of the Bitcoin Spot ETF, which was widely anticipated to boost Bitcoin's adoption and value. Schiff's comments may resonate with investors who are considering their options in the current market environment. ---
