- Bitcoin reached a new all-time high of $70,000, while gold also hit a record of $2,145.37 per ounce.
- Economist Peter Schiff doubts Bitcoin can replace gold as the ultimate store of value, citing Bitcoin’s underperformance against gold.
- While bullish on Bitcoin’s potential to surpass $100,000 this year, analyst Larry Tentarelli notes the impact of bond yield movements on this forecast
The prices of Bitcoin and gold have both reached record peaks, leading to comparisons between the two assets. However, one market expert argues that they are fundamentally different when it comes to their core purpose.
Bitcoin’s Impressive Price Run
Bitcoin recently hit an all-time high of $70,000 after more than doubling in value last year. This upward trajectory has continued into 2024, with Bitcoin already gaining 67%. The launch of SEC-approved Bitcoin ETFs has likely supported this surge.
Gold Also Reaches New Heights
Like Bitcoin, gold also reached a new record value, surpassing $2,145 per ounce. This aligns with gold’s reputation as a safe haven asset during uncertain markets.
Bitcoin’s Dollar Value Alone Doesn’t Tell the Full Story
According to economist Peter Schiff, Bitcoin has not hit a new high when priced in gold. He argues this shows Bitcoin still lags in becoming “digital gold” and replacing the precious metal as the premier store of value.
Analysts Remain Bullish on Bitcoin’s Potential
Some analysts like Larry Tentarelli believe Bitcoin could reach $100,000 this year, possibly driven by the upcoming halving event. But Tentarelli notes Bitcoin’s future trajectory depends partly on 10-year bond yields.
Which Is the Better Store of Value?
While both assets have hit simultaneous all-time highs, gold has a decades-long history as a safe haven for investors. Bitcoin’s role as a store of value beyond speculative investment remains hotly debated.
