Peter Schiff has once again sparked discussion about Bitcoin's real value by comparing it to gold. He argues that many overlook Bitcoin's declining value relative to gold.
Valuation: Bitcoin vs. Gold
Peter Schiff notes that while many assess Bitcoin in dollars, he prefers another gauge — gold. According to his calculations, in 2021, one BTC could purchase 36.3 ounces of gold, whereas today it buys only 27.7 ounces, reflecting a 24% decline.
Gold Market and Future Expectations
Schiff also noted that gold has reached a new level at $3000, and silver has hit $34, approaching its August 2020 record. Schiff believes silver might soon reach a new high and that gold should rise to $4400 to replicate that success. He is confident in gold's dominance, calling it the 'apex predator' of financial assets.
Eternal Value of Gold and Bitcoin's Prospects
Schiff emphasizes that gold has been around for thousands of years, whereas Bitcoin has been around for just over a decade. He believes history will reveal which assets can truly stand the test of time. Despite supporters viewing Bitcoin as a hedge against inflation and an advanced financial tool, Schiff argues its long-term value is still up for debate.
Schiff's remarks continue the debate over Bitcoin's current and future value compared to traditional assets like gold. He remains confident that gold will retain its key value, despite the popularity of digital assets.
