Recently, the price of gold has reached new highs. According to data from APMEX, the spot price of gold reached a historical high of $2,312 per ounce yesterday, which has sparked ridicule from gold enthusiasts and bitcoin critics. Bitcoin critic Peter Schiff stated, “Bitcoin holders, if you don’t seize the opportunity to buy gold, then continue to be poor…”
The price of gold has been continuously reaching new highs recently. According to data from APMEX, the spot price of gold reached a historical high of $2,312 per ounce yesterday, and it is currently reported at $2,306, representing a 4.33% increase in the past week.
Analysts believe that the rise in the price of gold since mid-February is mainly driven by global geopolitical tensions, uncertainty about future interest rates, and the trend of de-dollarization. As a traditional safe haven asset, gold has shown strong price performance in this context. However, the new high in the price of gold has also led to ridicule from gold enthusiasts and bitcoin critics.
Bitcoin critic Peter Schiff, the founder of precious metals dealer SchiffGold and a prominent gold bull, stated today on X that Bitcoin has fallen by 7% as of the second quarter of 2024, while silver and gold have risen by 8.7% and 3.4%, respectively. He disdainfully said, “The results speak for themselves.”
However, in less than four days since the beginning of the second quarter of this year, Bitcoin has already risen by over 56% since the beginning of the year, which is five times the increase in gold during the same period. In response, Peter Schiff simply said, “Who cares? That’s all in the past.”
He then urged Bitcoin holders to switch to gold and silver. This statement naturally sparked a strong reaction from the crypto community. Quasar, a cryptocurrency trader, retorted, “I don’t have an extra 60 years to wait for gold to appreciate by $1,500.”
In addition, Charlie Morris, an analyst at Bytetree, stated on X that gold broke through the $2,300 mark without consuming electricity. This statement seems to criticize the energy consumption of Bitcoin mining, triggering 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 required 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 a scene of doomsday.” His words emphasize the severe environmental destruction caused by traditional gold mining.
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