Bitcoin ETF

Gold

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
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%.
<blockquote>
 As of today's close, Bitcoin ETF gains since launch have been reduced to just under 10%, while <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GLD</a> is still up 24%. Therefore, investors made 140% greater returns by buying <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#gold</a> instead of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>. <a href="https://t.co/nX66MU2n57" rel="noopener noreferrer nofollow">https://t.co/nX66MU2n57</a>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1832151190991466962?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 6, 2024</a>
</blockquote>
Brandt replied, urging to look at the Gold/BTC debate with a long-term perspective. According to the chart shared by Brandt, a Head and Shoulders pattern is forming, favoring BTC rather than Gold futures. <img height="351" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfZaLeR5trje3_VhZUDQSdW5nRpHg41KKQinA2puX_kKMHbuT55874cUimHbvLAeappdr-k7n0He0eL8qGEqYLp3G0m5aeE4Lo-X8ruZUP8HDbhCD_eSsZkZKvOYqvqzogprDzXaVByyFYdKytaoMYRj_qf?key=VemDl1-Cp2n5mcn7B6OA9Q" width="624">Source: <a href="https://x.com/PeterLBrandt/status/1832193833964335574" rel="noopener noreferrer nofollow">Peter Brandt/X</a>
<blockquote>
 Peter, your comments need to be put into the perspective of a long term chart. The <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>/GC_F ratio could dip into the high teens, but massive continuation inverted H&amp;S is forming -- favoring Bitcoin <a href="https://t.co/Gld8cb2RQV" rel="noopener noreferrer nofollow">https://t.co/Gld8cb2RQV</a> <a href="https://t.co/rwJgY24b57" rel="noopener noreferrer nofollow">pic.twitter.com/rwJgY24b57</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1832193469177327693?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 6, 2024</a>
</blockquote>
To that, Schiff replied that he views the same chart in favor of Gold.
<blockquote>
 Peter, your comments need to be put into the perspective of a long term chart. The <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>/GC_F ratio could dip into the high teens, but massive continuation inverted H&amp;S is forming -- favoring Bitcoin <a href="https://t.co/Gld8cb2RQV" rel="noopener noreferrer nofollow">https://t.co/Gld8cb2RQV</a> <a href="https://t.co/rwJgY24b57" rel="noopener noreferrer nofollow">pic.twitter.com/rwJgY24b57</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1832193469177327693?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 6, 2024</a>
</blockquote>
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.
In 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.

Peter Brandt Clashes With Peter Schiff Over BTC/Gold Debate

U_Today

Other articles published on Sep 7, 2024

Cardano’s Latest Upgrade: What is Chang Hard Fork?

Bitcoin Price Tests Key Support Amid Mixed Market Signals

Citi Shares Reasons Why Bitcoin and Cryptocurrencies Aren’t Surging and What to Expect in the Day...

5 Best Cheap Cryptocurrencies to Buy Under 1 Dollar September 6 – Gala, DOGS, Arbitrum, Cardano

Polygon Upgrades $MATIC Token to $POL: What It Means for the Network and Holders

Coinbase executives face accusations of downplaying regulatory dangers to shareholders

Join our free newsletter for daily crypto updates!