Schiff: Bitcoin Is Doing 'Nothing' While Gold Hits New Record High
Gold bug Peter Schiff is gloating over Bitcoin’s recent underperformance.
In a recent social media post, the gold bug stated that the flagship cryptocurrency is currently doing “nothing” while gold is in the process of hitting new record highs.
Gold’s new record high
Earlier today, the yellow metal hit yet another all-time high, surpassing the $3,600 level for the first time ever.
“It’s doing exactly what one would expect with the Fed about to cut rates into rising inflation,” he said.
As reported by U.Today, the odds of a rate cut spiked higher earlier today after the U.S. Labor Department published underwhelming jobs data, which shows that the economy is slowing.
“You bet on the wrong horse”
According to Schiff, those who decided to pick Bitcoin over gold ended up betting on the wrong horse.
Gold has substantially outperformed Bitcoin in 2025 despite the fact that its market cap is substantially bigger.
Bitcoin is down 13% against gold this year, with the latter clearly winning the “safe haven” race.