Gold's Market Cap Growth Surpasses Bitcoin's Entire Market Cap This Year: Peter Schiff
CryptoNewsTerminal Staff12 Sep, 2024
Gold's Market Cap Growth Surpasses Bitcoin's Entire Market Cap This Year: Peter Schiff
Gold's performance this year is far more impressive than Bitcoin's, as Peter Schiff, a well-known gold advocate and bitcoin skeptic who is also the CEO of Euro Pacific Capital, recently highlighted. According to Schiff, "right now, gold trades at $2,557. That's a market cap of $17.2 trillion. Year-to-date, that's up $5.7 trillion. Bitcoin, on the other hand, trades at $58,400. Its market cap is $1.1 trillion. Gold is up 5x more than Bitcoin's entire market cap this year." Schiff's comments underscore the significant gains that gold has made this year, outperforming Bitcoin by a substantial margin. While Bitcoin has experienced price fluctuations, gold's steady and consistent growth has been a notable trend in the financial markets. "So you're saying it's time to buy Bitcoin now," a commenter said in response to Schiff's remarks. However, Schiff quickly clarified, "No, it means you're too late." Schiff's response implies that he believes the opportunity to invest in Bitcoin has passed and that the current market conditions do not favor such an investment.
