- Veteran trader Peter Brandt has suggested that gold bug Peter Schiff may be fighting a losing war against Bitcoin.
- Brandt’s sentiments come amid analysis that suggests Bitcoin is set to outperform gold significantly for some time.
- Schiff does not look likely to budge.
From its orange branding color to its scarcity, Bitcoin has been likened to digital gold for several reasons. Some have even argued that certain elements of Bitcoin, like its predictability and ease of transfer, make it even better than the precious metal.
These views, however, have not always sat well with traditional economist and gold bug Peter Schiff, who has often poked holes at the value proposition of Bitcoin while urging investors seeking a safe haven asset to stick to gold. But Schiff may be fighting a losing battle if a recent analysis from veteran price action trader Peter Brandt is anything to go by.
Bitcoin to Outperform Gold by 5x Over the Next Decade?
Veteran trader Peter Brandt believes gold bug Peter Schiff may be in for a rough ride over the next decade. Brandt expressed this view in an X post on Friday, July 19, highlighting Bitcoin’s recent price action against gold.
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Over the past 24 hours, the price of Bitcoin has surged over 6% against gold, jumping from 26 ounces of gold per Bitcoin to nearly 28 ounces at the time of writing. Surmising the price action, Brandt quipped, “This is not @PeterSchiff day,” adding, “And next 10 years will be cruel as well.”
Brandt’s view comes as he believes Bitcoin may be set to perform five times better than gold over the next ten years as the weekly candle Bitcoin against gold chart looks set to form an inverse head and shoulder chart pattern, which typically preempts a long-term bullish run.
Despite Brandt’s recent views, Schiff does not appear ready to waver on his anti-Bitcoin stance anytime soon.
Schiff’s Anti-Bitcoin Evangelism Continues
In an X post on Tuesday, July 16, the renowned economist could be seen touting gold over Bitcoin in his usual fashion.
โ#Gold just hit another record high. It's up over $25, trading just below $2,450. It won't be long before it breaks above $2,500. In contrast, priced in gold, #Bitcoin is down 30% from its 2021 record high almost three years ago. Wake up and smell the bear market #HODLers," he wrote.
Since Schiff’s post, gold has shed some of its gains to trade at $2,405 per ounce at the time of writing. Comparatively, Bitcoin has surged from lows of around $62,000 to trade above $66,600 at the time of writing.
On the Flipside
- Price action analysis is not infallible, as past performance does not always guarantee future results.
- Gold is still likely to be a viable investment over the next decade, even if Bitcoin outperforms it.
Why This Matters
Peter Brandt’s recent analysis highlights the shifting tides of investments toward technology, including digital assets.
Read this for more on Peter Schiff’s Bitcoin views:
Peter Schiff Warns Bitcoin Plunge Is Far from Over
Stay up to date with the latest in the Grayscale ether ETF fees debacle:
Grayscale Adjusts Ether ETF Fees in Response to Criticism: Game On?
