In recent times, the price of gold has continuously reached new highs. According to data from APMEX, the spot price of gold reached a historical high of $2,312 per ounce yesterday, sparking ridicule from gold enthusiasts and Bitcoin detractors. Bitcoin antagonist Peter Schiff stated, “Bitcoin holders, if you don’t seize the opportunity to buy gold now, you will continue to be poor…”
Gold prices have been soaring recently, with the spot price reaching a historical high of $2,312 per ounce yesterday, according to APMEX data. As of the time of writing, it is reported at $2,306, a 4.33% increase over the past week.
Analysts believe that the rise in gold prices since mid-February is mainly driven by global geopolitical tensions, uncertainty about future interest rates, and the de-dollarization trend. As a traditional safe-haven asset, gold has shown strong price performance in this context. However, the new high in gold prices has also triggered ridicule from gold enthusiasts and Bitcoin detractors.
Source: APMEX
Peter Schiff, a well-known Bitcoin antagonist and founder of precious metals dealer SchiffGold, today stated on X that Bitcoin has fallen 7% as of the second quarter of 2024, while silver and gold have risen 8.7% and 3.4% respectively. He disdainfully said, “The results speak for themselves.”
However, in less than four days since the start of the second quarter this year, Bitcoin has risen more than 56% year-to-date, five times the increase of gold during the same period. In response, Peter Schiff simply said, “Who cares? That’s all in the past.”
He then called on Bitcoin holders to switch to gold and silver, which naturally sparked strong reactions from the crypto community. Quasar, a cryptocurrency trader, refuted, saying, “I don’t have an extra 60 years to wait for gold to appreciate by $1,500.”
Furthermore, Charlie Morris, an analyst at Bytetree, stated on X that gold broke through the $2,300 mark without the need for electricity consumption. This statement seems to criticize the energy consumption involved in Bitcoin mining, sparking widespread discussions within the community about the environmental impact of these two assets.
Daniel Batten, an environmentalist and Bitcoin ESG researcher, pointed out that the energy needed for gold mining mostly comes from fossil fuels. Brady Swenson, co-founder of Swan, also joined the discussion, stating, “As a gold enthusiast, how can you not understand the gold mining process? I have visited a gold mine before, and it was an apocalyptic scene.” His words emphasize the severe environmental destruction caused by traditional gold mining.
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