Bitcoin Hits $110K—Peter Schiff Still Yawns, Backs Gold Over Crypto
Gold bug Peter Schiff brushes off Bitcoin''s latest rally—because old habits die harder than a bear market.
While BTC flirts with all-time highs, Schiff doubles down on his shiny-metal thesis. ''Digital gold''? More like fool''s gold, he implies—just another day in the circus of speculative assets.
Funny how the guy who missed the last three bull cycles still gets airtime. Wall Street loves a broken clock.
Bitcoin’s meteoric climb past $110,000 has surprised the financial world, leaving even its most powerful critics scrambling for words. The crypto major’s rally sparked a fiery exchange on X, with gold advocate Peter Schiff at the center of the storm.
Known for his relentless skepticism, Schiff’s reaction to Bitcoin’s surge was unexpectedly candid, which was enough to spark debates about the future of digital and traditional assets.
Will Bitcoin Overtake Gold’s Market Cap?
Responding to a X user, Peter Schiff says, ‘highly unlikely’ that Bitcoin will take over gold in terms of market cap anytime soon. He cites that with the steadily rising market cap of gold, Bitcoin is nowhere near the competition.
At present, Gold, at the top, has a market cap of $22.526 T. Bitcoin sits at the 6th spot with a $2.176 T market cap. In simple words, Gold is 10x times bigger than Bitcoin in terms of market cap.
Later, He quipped, “Never say never,” in response to a question on Bitcoin’s volatility, implying that the cryptocurrency market is erratic. Bitcoin may never go below $100,000 again, according to several analysts, highlighting how strong this run has been.
Bitcoin’s Technical Power Play
Bitcoin’s recovery from a May peak of $112,000 found firm support at the 26-day EMA around $105,000. Buyers pushed the price past the 50-day EMA NEAR $102,000, breaching the critical $110,000 mark.
With the RSI climbing above 60 and trading volume rising, the rally reflects genuine demand, not just short-covering. The next resistance zone, between $112,000 and $113,000, looms large, where liquid order clusters peaked in May.
The Road to New Highs?
The technical viewpoint remains bullish, with bitcoin holding above the 26-EMA and clearing the 50 and 100-EMAs (around $97,500). If momentum lasts, new all-time highs could be within reach.
As Schiff stands firm, the crypto world watches: will Bitcoin’s surge force a rethink, or is this rally a fleeting spark?
