Even though some pundits predicted that Bitcoin would be able to outperform gold in the second half of the year, the yellow metal is refusing to let the digital rival steal its thunder.
In fact, the O.G. store of value added a whopping $4.2 trillion in just two months. This equals the entire cryptocurrency market cap.
Gold’s enormous rally
The yellow metal is so far up by a staggering 54% in 2025, substantially outperforming Bitcoin despite the sheer size of its market cap.
It is on track to be gold’s best-performing year since 1979 (when Peter Schiff was just 16). Back then, gold was experiencing a massive rally due to high inflation, the 1979 Iranian Revolution, and other geopolitical tensions, causing an energy shock, and the U.S. dollar was experiencing more weakness. The price of the yellow more than doubled in 1979 and then went on to surge further to $850 the following year. It took gold decades to finally reach a new peak in 2008 during the global financial crisis.
This year, gold is also being propelled by geopolitical anxieties, stubborn inflation, as well as a weak U.S. dollar, which is seeing extreme devaluation not seen since the early 1970s.
American hedge fund manager Ken Griffin recently stated that the flight to gold was really “concerning,” describing the rally as the “debasement trade.”
Peter Schiff’s victory lap
Schiff, one of the loudest gold bugs, is having a big victory lap, recently posting a clip of CNBC making fun of his $5,000 gold call back in 2015.
The odious financial commentator, who also happens to be one of the most caustic Bitcoin haters, finally feels vindicated now that gold is stealing the spotlight.
“You will notice they never make fun of people forecasting $1 million Bitcoin,” he added.
As reported by U.Today, Schiff recently predicted that Bitcoin and other cryptocurrencies will get “rugged” by gold.
Meanwhile, the yellow metal’s rally shows no signs of exhaustion despite some concerns that it might be getting overextended.