Economist Peter Schiff continued to question Bitcoin's BTC/USD lack of momentum on Monday, while stocks and gold surged to fresh record highs.
Schiff Asks Why Bitcoin Hasn’t Hit A New High In Over A Month
In an X post, Schiff questioned why the Nasdaq Composite, gold and silver are hitting new highs "almost daily," while the apex cryptocurrency hasn't made a new high in more than a month.
Nasdaq Composite indeed hit a record high of 22,348.75 on Monday. Similarly, spot gold rose above $3,700 per ounce, while silver surpassed $42 per ounce to reach fresh highs. The VanEck Gold Miners ETF also hit a new peak past $70 earlier this week.
However, Nasdaq retreated from records on Tuesday, while gold traded down 0.24% to $3,680 per ounce at last check.
Bitcoin Outperforms In Weekly Returns
Recent performance data revealed that Bitcoin fell short of new highs but still outgained every other asset on a weekly basis. Its monthly track record, however, left a lot to be desired.
| Cryptocurrency | Weekly Gains +/- | Monthly Gains +/- | Price (Recorded at 11:55 p.m. ET) |
| Nasdaq Composite | +1.73% | +3.26% | 22,333.96 |
| Spot Gold | +1.14% | +10.39% | $3,682.10 |
| Spot Silver | +2.05% | +10.52% | $42.0185 |
| Bitcoin | +4.43% | +0.99% | $116,471 |
| VanEck Gold Miners ETF GDX | +2.24% | +18.80% | $69.02 |
See Also: Bitcoin, XRP, Dogecoin Rise On Interest Rate Cut Hopes; Ethereum Trades Flat: Analytics Firm Pumps The Brakes On Rally Hype
The Counter Arguments
Bitcoin enthusiasts disputed Schiff’s narrative, pointing out that the leading cryptocurrency’s value nearly doubled in the last year, compared to gold’s 43% returns.
Killa, a widely followed cryptocurrency analyst and trader, said earlier this week, “BTC often prices in FOMC ahead of time. Early downside into the week suggests a rebound up, while early upside points to a likely pullback.”
Additionally, Arthur Hayes, Chief Investment Officer of Maelstrom and co-founder of BitMEX, urged investors in a recent interview to "readjust their perspective" and not assess Bitcoin on a “very short-term horizon.”
Photo Courtesy: Pavel Ilyukhin on Shutterstock.com
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