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Bitcoin Soars Against Gold: “Cruel” 10 Years Ahead for Peter Schiff?

Bitcoin Soars Against Gold: “Cruel” 10 Years Ahead for Peter Schiff?

DailycoinDailycoin2024/07/21 16:01
By:Dailycoin
  • Veteran trader Peter Brandt has suggested that gold bug Peter Schiff may be fighting a losing war against Bitcoin.
  • Brandt’s sentiments come amid analysis that suggests that Bitcoin is set to significantly outperform gold for a while to come.
  • Schiff does not look likely to budge.

From its orange branding color to its scarcity, there have been several reasons for Bitcoin to be likened to digital gold. More so, some have even argued that certain elements of Bitcoin, like its predictability and ease of transfer, make it even better than the precious metal.

These views, however, have not always sat well with traditional economist and gold bug Peter Schiff, who has often poked holes at the value proposition of Bitcoin while urging investors seeking a safe haven asset to stick to gold. But Schiff may be fighting a losing battle if a recent analysis from veteran price action trader Peter Brandt is anything to go by.

Bitcoin To Outperform Gold By 5x Over the Next Decade?

Veteran trader Peter Brandt believes gold bug Peter Schiff may be in for a rough ride over the next decade. Brandt expressed this view in an X post on Friday, July 19, highlighting Bitcoin’s recent price action against gold.

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Over the past 24 hours, the price of Bitcoin has surged over 6% against gold, jumping from 26 ounces of gold per Bitcoin to nearly 28 ounces at the time of writing. Surmising the price action, Brandt quipped, “This is not @PeterSchiff day,” adding, “And next 10 years will be cruel as well.”

This is not @PeterSchiff day. And next 10 years will be cruel as well.
The $BTC / $GC_F ratio chart is forming a channel that might become the right shoulder of an inv. HS pattern projecting ratio of 150 to 1, meaning BTC will outpace Gold by 5X @RaoulGMI what do you th ink? pic.twitter.com/Yg3NxFfb0x

— Peter Brandt (@PeterLBrandt) July 19, 2024

Brandt’s view comes as he believes Bitcoin may be set to perform five times better than gold over the next ten years as the weekly candle Bitcoin against gold chart looks set to form an inverse head and shoulder chart pattern, which typically preempts a long-term bullish run.

Despite Brandt’s recent views, Schiff does not appear ready to waver on his anti-Bitcoin stance anytime soon. 

Schiff’s Anti-Bitcoin Evangelism Continues

In an X post on Tuesday, July 16, the renowned economist could be seen touting gold over Bitcoin in his usual fashion.

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“#Gold just hit another record high. It's up over $25, trading just below $2,450. It won't be long before it breaks above $2,500. In contrast, priced in gold, # Bitcoin is down 30% from its 2021 record high almost three years ago. Wake up and smell the bear market #HODLers," he wrote.

Since Schiff’s post, gold has shed some of its gains to trade at $2,405 per ounce at the time of writing. Comparatively, Bitcoin has surged from lows of around $62,000 to trade above $66,600 at the time of writing.

On the Flipside 

  • Price action analysis is not infallible, as past performance does not always guarantee future results.
  • Gold is still likely to prove to be a viable investment over the next decade, even if Bitcoin outperforms it.

Why This Matters 

Peter Brandt’s recent analysis highlights the shifting tides of investments toward technology, including digital assets.

Read this for more on Peter Schiff’s Bitcoin views:
Peter Schiff Warns Bitcoin Plunge Is Far from Over

Stay up to date with the latest in the Grayscale ether ETF fees debacle:
Grayscale Adjusts Ether ETF Fees in Response to Criticism: Game On?

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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