The post Peter Schiff Taunts Bitcoin HODLers as Gold Hits New ATH appeared on BitcoinEthereumNews.com.

While Bitcoin (BTC) faced a rejection at $64,000, gold has surged to a new all-time high of $2,619.36. This surge has fueled by growing concerns over global economic slowdowns, geopolitical tensions, and the U.S. Federal Reserve’s recent rate cuts. This rally has led to renewed criticism of Bitcoin, particularly from gold advocate and outspoken crypto skeptic Peter Schiff. Peter Schiff Reignites Gold Vs. Bitcoin Debate Schiff who took to X (formerly Twitter) to taunt BTC HODLers, as gold outperformed the leading crypto. “Another day, another record high for the price of #gold, which is now trading above $2,614,” Schiff wrote. He continued by pointing out that Bitcoin has failed to achieve a new high since March and hasn’t made a new high against gold since November 2021. “How long does this trend have to last before #HODLers admit defeat?” Schiff questioned. Another day, another record high for the price of #gold, which is now trading above $2,614. In contrast, #Bitcoin hasn’t made a new high since March, and against gold, it hasn’t made a new high since Nov. 2021. How long does this trend have to last before #HODLers admit defeat? — Peter Schiff (@PeterSchiff) September 20, 2024 The statement reignited the long-standing debate between Bitcoin and gold supporters. The latest rally in gold comes on the back of the Federal Reserve’s decision to implement an oversized rate cut of 50 basis points this week, with an additional cut projected by the end of the year. This move has dampened the recent recovery in U.S. Treasury bond yields and weakened the U.S. Dollar (USD), benefiting non-yielding assets like gold. Furthermore, economic uncertainty in the U.S. and China, along with escalating geopolitical tensions in the Middle East, have pushed investors toward safe-haven assets, further fueling gold’s rise. The gold price continues…

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Filed under: News - @ September 20, 2024 1:25 pm