- Peter Schiff criticized the performance of Bitcoin ETFs, highlighting that gold is up 24% since launch.
- Peter Brandt responded with a chart analysis, suggesting that Bitcoin could outperform gold in the long run.
A recent debate between legendary trader Peter Brandt and long-time crypto skeptic Peter Schiff has reignited the conversation around Bitcoin versus gold.
As of today's close, Bitcoin ETF gains since launch have been reduced to just under 10%, while $GLD is still up 24%. Therefore, investors made 140% greater returns by buying #gold instead of #Bitcoin. https://t.co/nX66MU2n57
— Peter Schiff (@PeterSchiff) September 6, 2024
Schiff, a known supporter of gold, criticized Bitcoin’s performance, particularly Bitcoin ETFs, pointing out that since the launch, Bitcoin ETF gains have been under 10%, whereas gold has seen a 24% rise during the same period. Schiff argued that investors would have made 140% greater returns by choosing gold over Bitcoin.
Since they first launched in January of this year, despite massive inflows, the new #Bitcoin ETFs are up less than 17%. In contrast, $GLD, the largest #gold ETF, despite massive outflows, is up over 24%. It's clear that despite all the hype, ETF investors bet on the wrong horse.
— Peter Schiff (@PeterSchiff) September 5, 2024
Brandt responded, urging a broader perspective on the comparison between Bitcoin and gold. He shared a long-term chart suggesting that Bitcoin is forming a “Head and Shoulders” pattern, which could signal a favorable outlook for Bitcoin in the future.
You may be certain, absolutely certain, that you know what a market will do. If a majority of speculators have the same belief it is called conventional wisdom. Markets almost always violates conventional wisdom. Avoid mad crowds. #GOLD #Bitcoin #Stocks pic.twitter.com/3yLNJL4SxJ
— Peter Brandt (@PeterLBrandt) September 7, 2024
According to Brandt, this pattern indicates that Bitcoin could outperform gold in the long run, despite any short-term fluctuations.
A few years ago I turned bearish on Bitcoin prior to a 80% correction mainly because of the laser eyes on Twitter. I predicted that the bear market would not end until laser eyes disappeared. This is exactly what happened. Of course I have been major wrong at times too.
— Peter Brandt (@PeterLBrandt) September 7, 2024
Schiff, maintaining his stance, countered that the same chart supports his view that gold remains the better investment, emphasizing the metal’s traditional role as a safe-haven asset, particularly in times of economic uncertainty.
Gold has long been regarded as a stable store of value, especially during inflationary periods, which is why it continues to attract institutional investors.
The debate touches on a broader discussion within the financial community. Some investors view Bitcoin as “digital gold” believing that it could replace precious metals as a store of value in the future.
However, for now, many institutions still see Bitcoin as a high-risk asset compared to the stability of gold.
As Bitcoin continues to gain traction, the question of whether it can challenge gold’s status as the go-to safe-haven asset remains open. Both sides of the argument present valid points, with Schiff focusing on gold’s historical reliability and Brandt suggesting that Bitcoin’s long-term potential may be underestimated.
The outcome of this debate could shape future investment strategies as the financial world adapts to the evolving role of cryptocurrencies.
