Peter Schiff Again Asks Why Bitcoin Isn't Hitting New Highs Like Stocks, Gold, Miners ETF — Here Is What BTC Backers Are Saying
Economist Peter Schiff continued to question Bitcoin's (CRYPTO: BTC) lack of momentum on Monday, while stocks and gold surged to fresh record highs.
Schiff Asks Why Bitcoin Hasn’t Hit A New High In Over A MonthIn an X post, Schiff questioned why the Nasdaq Composite, gold and silver are hitting new highs "almost daily," while the apex cryptocurrency hasn't made a new high in more than a month.
Nasdaq Composite indeed hit a record high of 22,348.75 on Monday. Similarly, spot gold rose above $3,700 per ounce, while silver surpassed $42 per ounce to reach fresh highs. The VanEck Gold Miners ETF also hit a new peak past $70 earlier this week.
However, Nasdaq retreated from records on Tuesday, while gold traded down 0.24% to $3,680 per ounce at last check.
Recent performance data revealed that Bitcoin fell short of new highs but still outgained every other asset on a weekly basis. Its monthly track record, however, left a lot to be desired.
| Cryptocurrency | Weekly Gains +/- | Monthly Gains +/- | Price (Recorded at 11:55 p.m. ET) |
| Nasdaq Composite | +1.73% | +3.26% | 22,333.96 |
| Spot Gold | +1.14% | +10.39% | $3,682.10 |
| Spot Silver | +2.05% | +10.52% | $42.0185 |
| Bitcoin | +4.43% | +0.99% | $116,471 |
| VanEck Gold Miners ETF (NYSE:GDX) | +2.24% | +18.80% | $69.02 |
See Also:Bitcoin, XRP, Dogecoin Rise On Interest Rate Cut Hopes; Ethereum Trades Flat: Analytics Firm Pumps The Brakes On Rally Hype
Bitcoin enthusiasts disputed Schiff’s narrative, pointing out that the leading cryptocurrency’s value nearly doubled in the last year, compared to gold’s 43% returns.
Killa, a widely followed cryptocurrency analyst and trader, saidearlier this week, “BTC often prices in FOMC ahead of time. Early downside into the week suggests a rebound up, while early upside points to a likely pullback.”
Additionally, Arthur Hayes, Chief Investment Officer of Maelstrom and co-founder of BitMEX, urged investors in a recent interview to "readjust their perspective" and not assess Bitcoin on a “very short-term horizon.”
Photo Courtesy: Pavel Ilyukhin on Shutterstock.com
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