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Economist Peter Schiff contrasted the superior performance of gold with that of Bitcoin (CRYPTO: BTC) on Sunday, advising his followers to rotate into the yellow metal before getting “mauled.”
Schiff noted that gold had surpassed $4,100 in early Asian trading, while Bitcoin was struggling to hold on to $93,000.
The leading cryptocurrency was down 24.50% from its all-time high. But Schiff added that when compared to gold, the bear market appears “far more ferocious.”
“Sell Bitcoin now and buy gold before you get mauled,” the longtime cryptocurrency critic advised his followers.
It required 30.634 ounces of gold to buy 1 Bitcoin at its all-time high set in October, now down to 23.26 ounces.
Moreover, BTC's value in gold reached a yearly peak of 36.52 ounces on Aug. 13. Since then, the leading cryptocurrency has fallen by more than 36%.
| Cryptocurrency | Price in Gold ounces (Recorded at BTC ATH on Oct. 7) | Price in Gold ounces (Recorded at 9:20 p.m. ET) | Gains +/- |
| Bitcoin | 30.634 | 23.26 | -24.07% |
| Cryptocurrency | Price in Gold ounces (Recorded on Aug. 13) | Price in Gold ounces (Recorded at 9:20 p.m. ET) | Gains +/- |
| Bitcoin | 36.52 | 23.26 | -36.30% |
That said, compared over a five-year timeframe, Bitcoin was up 134% in terms of gold.
Bitcoin supporters have previously accused Schiff of "shifting the goalposts" by evaluating the asset's performance against gold over conveniently short timeframes.
See Also: JPMorgan Forecasts Bitcoin Bottom, Anticipates $28.3 Trillion Challenge To Gold By 2026
Capital market commentator Kobeissi Letter highlighted a “structural shift” in the cryptocurrency market since the “Black Friday” crash of October, with gold and Bitcoin moving in opposite directions.
Notably, Bitcoin has shed nearly 22% of its value since the crash, while gold, to the contrary, has gained 1.5%.
| Assets | Price (Recorded on Oct. 10) | Price (Recorded at 9:20 p.m. ET) | Gains +/- |
| Bitcoin | $121,704.74 | $94,965.10 | -21.90% |
| Spot Gold | $4,018.30 | $4,079.25 | +1.5% |
Longtime gold enthusiast Schiff has been quite optimistic about the commodity, predicting that it might surpass $20,000 per ounce.
On the other hand, he projected that the “cryptocurrency bubble” would eventually burst, leaving Americans as the most vulnerable group.
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Posted In: $BTC
