Peter Schiff's assertion that Bitcoin is nearing bear market territory prompted a strong response from crypto supporters. The discussion revolves around the comparison of Bitcoin and gold prices.
Bitcoin Approaching Bear Market
Peter Schiff expressed that Bitcoin, when priced in gold, is close to bear market territory, noting that since hitting a peak of approximately 37.2 ounces of gold on August 12, it has fallen by 18%. This is just 2% above the official bear market threshold.
Crypto Supporters Respond
Supporters of Bitcoin quickly countered Schiff's claims. One user noted that over the past five years, gold has risen by 85% while Bitcoin has increased by 975%. "Short-term volatility does not negate a generational shift," stated another user, arguing that Bitcoin represents the future of the system.
Gold Price Soars
Schiff's statement coincided with a surge in gold prices, which surpassed $3,600 per ounce, reaching a new all-time high. This rise has been more than 8% over the last two months and 36% in the last year.
Debates surrounding Bitcoin and gold continue to raise questions about the cryptocurrency's role as a store of value. While gold is traditionally seen as a hedge during economic uncertainty, many investors view Bitcoin as a modern alternative.
