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- Peter Schiff says Bitcoin is “losing” as gold climbs to a record $3,176 amid market selloff.
- Bitcoin trades at $82,200, staying nearly 25% below its February peak as gold strengthens.
- Schiff rejects the idea of China buying Bitcoin, calling it an unrealistic and flawed strategy.
On Thursday, gold prices established a new historical high of $3,176 while investors pursued safe-haven investments at an increasing rate. The bitcoin market continued on its downward trajectory as it faded below its maximum value despite the increase in gold prices thus attracting negative analysis from economist Peter Schiff.
Bitcoin holds its value at $82,200 on CoinGecko despite having declined approximately 25 percent since reaching its peak in February. Schiff uses the current price differentials to argue that Bitcoin is losing ground to gold, which shows a steady upward movement.
Schiff, who leads Euro Pacific Asset Management, reiterated his long-standing opposition to Bitcoin’s status as digital gold. He asserts that Bitcoin fails to safeguard investor funds during market crisis periods and performs inadequately in critical situations.
Financial markets in the United States face aggressive pressure as multiple asset categories incurred major losses during this week. According to Schiff, the U.S. dollar experienced a major decrease alongside government bonds and stock indices during the Thursday market session.
Through his X post, Schiff noted this recent market drop was one of the worst mass liquidations he had seen in recent times. The U.S. dollar lost 3.5 percent value against the Swiss franc during a deadline.
Schiff indicated that the United States might rapidly lose its position as a global financial market leader, prompting investors to prepare for uncertainty. The S&P 500 experienced a decline of 3.46 percent, which erased most of the Tuesday market rally recovery.
The previous market recovery functioned as a classic bear market rally, so investors should plan their exits to prevent losses from occurring. According to Schiff, the current market instability makes it more vital for investors to maintain physical gold as a safe-haven investment.
Peter Schiff Rejects Claims of China Buying Bitcoin as Strategy Against the U.S.
During Bitcoin geopolitical discussions, Schiff rejected suggestions that China might seek Bitcoin acquisitions against the United States for strategic purposes. The Chinese authorities show no interest in buying Bitcoin because Schiff predicts they will choose to sell it instead.
The remarks came after Senator Cynthia Lummis predicted that China and the United States would engage in a Bitcoin arms war. Schiff’s assessment suggests that China’s economic strategy does not support such unrealistic goals and, therefore, eliminates this possibility.
Bitcoin prices demonstrate inconsistent volatility, but gold stands strong throughout global dilemmas because investors maintain their trust in this metal. According to Schiff, metal remains the primary defense asset trusted by investors during uncertain economic periods.
Bitcoin’s downfall and rising gold prices influenced market sentiment this week, as Schiff’s recent statements gained fresh scrutiny.
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