Bitcoin

Gold

<ul> 
 <li aria-level="1">Peter Schiff criticized the performance of Bitcoin ETFs, highlighting that gold is up 24% since launch.</li> 
 <li aria-level="1">Peter Brandt responded with a chart analysis, suggesting that Bitcoin could outperform gold in the long run.</li> 
</ul> 
A recent debate between legendary trader Peter Brandt and long-time crypto skeptic Peter Schiff has reignited the conversation around Bitcoin versus gold.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 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">$GLD</a> is still up 24%. Therefore, investors made 140% greater returns by buying <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> instead of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. <a href="https://t.co/nX66MU2n57">https://t.co/nX66MU2n57</a> 
 — Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1832151190991466962?ref_src=twsrc%5Etfw">September 6, 2024</a>
</blockquote> 
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Schiff, a known <a href="https://www.ethnews.com/peter-schiff-celebrates-golds-peak-as-bitcoin-struggles/">supporter of gold</a>, criticized Bitcoin’s performance, particularly Bitcoin ETFs, pointing out that since the launch, Bitcoin ETF gains have been under 10%, whereas gold has seen a 24% rise during the same period. Schiff argued that investors would have made 140% greater returns by choosing gold over Bitcoin. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Since they first launched in January of this year, despite massive inflows, the new <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs are up less than 17%. In contrast, <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GLD</a>, the largest <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> ETF, despite massive outflows, is up over 24%. It's clear that despite all the hype, ETF investors bet on the wrong horse. 
 — Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1831695648661422307?ref_src=twsrc%5Etfw">September 5, 2024</a>
</blockquote> 
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Brandt responded, urging a broader perspective on the comparison between Bitcoin and gold. He shared a long-term chart suggesting that Bitcoin is forming a “Head and Shoulders” pattern, which could signal a favorable <a href="https://www.ethnews.com/peter-schiff-challenges-bitcoin-bullish-sentiment-amid-market-slump-questions-real-institutional-demand-for-cryptocurrency/">outlook for Bitcoin</a> in the future. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 You may be certain, absolutely certain, that you know what a market will do. If a majority of speculators have the same belief it is called conventional wisdom. Markets almost always violates conventional wisdom. Avoid mad crowds. <a href="https://twitter.com/hashtag/GOLD?src=hash&amp;ref_src=twsrc%5Etfw">#GOLD</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/Stocks?src=hash&amp;ref_src=twsrc%5Etfw">#Stocks</a> <a href="https://t.co/3yLNJL4SxJ">pic.twitter.com/3yLNJL4SxJ</a> 
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1832442176212750360?ref_src=twsrc%5Etfw">September 7, 2024</a>
</blockquote> 
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 According to Brandt, this pattern indicates that Bitcoin could outperform gold in the long run, despite any short-term fluctuations. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 A few years ago I turned bearish on Bitcoin prior to a 80% correction mainly because of the laser eyes on Twitter. I predicted that the bear market would not end until laser eyes disappeared. This is exactly what happened. Of course I have been major wrong at times too. 
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1832453998600974657?ref_src=twsrc%5Etfw">September 7, 2024</a>
</blockquote> 
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Schiff, maintaining his stance, countered that the same chart supports his view that gold remains the better investment, emphasizing the metal’s traditional role as a safe-haven asset, particularly in times of economic uncertainty.&nbsp; 
<figure id="attachment_91793" aria-describedby="caption-attachment-91793" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91793" src="https://www.ethnews.com/wp-content/uploads/2024/09/There-is-no-better-current-example-of-the-madness-of-crowds-than-Bitcoin.png" alt="There is no better current example of the madness of crowds than Bitcoin." width="754" height="253">
 <figcaption id="caption-attachment-91793" class="wp-caption-text">
 Source: @PeterSchiff
 </figcaption>
</figure> 
Gold has long been regarded as a stable store of value, especially during inflationary periods, which is why it continues to attract institutional investors. 
The debate touches on a broader discussion within the financial community. Some investors view Bitcoin as “digital gold” believing that it could replace precious metals as a store of value in the future. 
However, for now, many institutions still see Bitcoin as a high-risk asset compared to the stability of gold. 
As Bitcoin continues to gain traction, the question of whether it can challenge gold’s status as the go-to safe-haven asset remains open. Both sides of the argument present valid points, with Schiff focusing on <a href="https://www.ethnews.com/peter-schiffs-warning-are-bitcoin-etf-investors-at-risk-compared-to-gold/">gold’s historical reliability</a> and Brandt suggesting that Bitcoin’s long-term potential may be underestimated.&nbsp; 
<figure id="attachment_91797" aria-describedby="caption-attachment-91797" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-91797" src="https://www.ethnews.com/wp-content/uploads/2024/09/BTCUSDT_2024-09-07_20-54-29.png" alt="BTCUSDT_2024-09-07_20-54-29" width="1737" height="744">
 <figcaption id="caption-attachment-91797" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The outcome of this debate could shape future investment strategies as the financial world adapts to the evolving role of cryptocurrencies. 
The post <a href="https://www.ethnews.com/gold-or-bitcoin-peter-brandt-and-peter-schiff-clash-over-which-is-the-better-investment/">Gold or Bitcoin? Peter Brandt and Peter Schiff Clash Over Which Is the Better Investment!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Gold or Bitcoin? Peter Brandt and Peter Schiff Clash Over Which Is the Better Investment!

ETHNews

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