BTC Critic Peter Schiff Boldly Claims Bitcoin Is Nothing Like Gold

Renowned economist and BTC critic Peter Schiff has boldly claimed that Bitcoin is nothing like gold and went on to explain why he thinks so.

Renowned economist and BTC critic Peter Schiff has claimed that Bitcoin is nothing like gold. His latest criticism of the flagship crypto comes amid JPMorgan’s prediction that BTC will outperform the precious metal.

Peter Schiff Explains Why Bitcoin Is Not Similar To Gold

Taking to X, the market expert stated that BTC is not similar to gold despite the coin’s tagline as ‘digital gold.’ He explained that BTC has been rallying with other risky assets as investors’ recession and inflation fears subsided.

According to Schiff, this property makes the flagship crypto a haven asset. However, gold is typically the preferred safe haven asset, surging when macro fundamentals are negative.

However, contrary to Schiff’s theory, the BTC price surged even while tensions were still high between the US and China in the ongoing trade war. Before China revealed that trade negotiations would take place on May 10, the flagship crypto was already trading just below the $100,000 mark.

Recently, institutional investors have been increasing their BTC exposure. Moreover, US states are pushing to create a Strategic Bitcoin Reserve, and firms like Strategy continue to accumulate BTC at an impressive pace.

JP Morgan analysts also expect Bitcoin to outperform gold in the second half of the year thanks to these catalysts.

JP Morgan analyst Nikolaos Panigirtzoglou said,

“We expect the year-to-date zero-sum game between gold and Bitcoin to extend to the remainder of the year, but are biased towards crypto-specific catalysts creating more upside for Bitcoin over gold into the second half of the year.”

The Next Move For The BTC Price

Crypto analyst Titan of Crypto stated that $125,000 is still in play for the Bitcoin price. Highlighting an inverse Head and Shoulders pattern on BTC’s chart, which is developing, the analyst asserted that the target remains valid.

In another update on the current price action, Titan of Crypto noted that BTC held strong, with great reaction from the daily Fair Value Gap at $100,000 despite calls for much lower prices. He added that the setup remains bullish as long as that zone holds.

In an X post, crypto analyst Ali Martinez stated that $98,732 is a major demand zone, where 1.19 million wallets accumulated over 1 million BTC. He also revealed that there has been a lot of profit-taking this week, with whales selling over 30,000 BTC in the last 72 hours.

However, while whales are selling, companies like Basel Medical Group are looking to gain exposure to Bitcoin. As CoinGape reported, the company announced plans to acquire $1 billion BTC for its Treasury reserves.