Bitcoin Outshines Gold, Enraging “Gold Bugs”
Gold has seen a remarkable 28% increase since the beginning of January, marking one of its best performances ever. However, Bitcoin stole the spotlight this week, leaving gold enthusiasts fuming.
The cryptocurrency reached a high of over $123,000 on Monday, accumulating gains of 32% in 2025 and surpassing gold’s performance.
While some view Bitcoin as an improved version of gold due to its scarcity, portability, storability, and other characteristics, others remain skeptical and continue to criticize it.
Peter Schiff’s Bitcoin Tirade on Twitter
Peter Schiff, a prominent Bitcoin critic, has spent the last few days disparaging the cryptocurrency. The “gold bug” stated last Thursday that it would be an excellent time to sell Bitcoin and buy silver.
“Even if Bitcoin continues to rise for a while, silver should rise much more. And while Bitcoin can easily crash, the downside potential for silver seems very limited,” Schiff argued.
In addition to surpassing silver’s market capitalization last November, Bitcoin’s recent surge has made it the 5th most valuable asset in the world, surpassing Google and Amazon on Monday.
In another post, Schiff claimed that companies’ Bitcoin accumulation strategy is “a Ponzi scheme built on a pyramid.”
When asked why he dislikes Bitcoin so much, the “gold bug” pointed out that the cryptocurrency market is stealing investors from the precious metals market. In other words, pure envy.
“I hate the fact that our nation is squandering so much capital and resources on Bitcoin and the crypto industry in general. Also, a lot of Americans who should be buying gold or silver, are buying Bitcoin instead. This will turn out to be a huge mistake.”
Bitcoin Still Needs to Break Its All-Time High Against Gold
Although Bitcoin has reached new price highs against the dollar and other fiat currencies, it has not yet surpassed its previous high against gold.
According to data, the peak in the Bitcoin/Gold (BTC/XAU) pair was recorded in December 2024, when it reached a value of 41.
Currently, the pair is trading at 36.3.
Although it is an exotic pair, it best represents Bitcoin’s strength. After all, it is measured against another scarce asset, without being influenced by inflation and currency devaluation.
Currently, there are some options for trading Bitcoin against gold in the market. The main one is with Tether Gold (XAUT), a cryptocurrency backed by gold created by the same issuer as USDT.
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