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Bitcoin Bulls May Struggle to Answer This Question by Peter Schiff
Peter Schiff is not letting Bitcoin (BTC) enthusiasts off the hook, as he points out something that does not quite add up - Bitcoin's market cap relative to gold's. Back in 2021, the cryptocurrency hit $69,000, and its market cap was 10.72% of gold's.
Fast forward to today, and Bitcoin is at $98,000, but that percentage has dropped to 9.95%, notes Schiff. If Bitcoin is supposed to be the "new gold," why does its share of gold's value seem to be shrinking rather than expanding? asks the expert.
Looking at the facts, i.e., the Bitcoin vs. gold chart, we can see that since 2021, the BTC/XAU only recorded a 10% increase at the December 2024 high. However, since January 2023, when both assets hit their recent lows, the price of Bitcoin has outperformed the precious metal by more than 350% at its peak and 260% at its current level
Thus, from one side, when both assets start to perform, the cryptocurrency tends to outperform gold. However, comparing them by their peaks, Bitcoin fails to take over gold and decouple.
This time is the same as gold continues to renew highs recently, but Bitcoin stumbles quite far from its all-time high. While there is little doubt that Bitcoin can catch up with gold and go on an all-time high chase again, it is doubtful that it will go far away from local highs for BTC vs. gold, which are currently somewhere near the zone of 34.
More questions than answers
Schiff's skepticism is not unique. Another Peter - market analyst Peter Brandt - has noticed the same trend. Despite all the hype, institutional adoption and big headlines, Bitcoin has not convincingly distanced itself from gold. Brandt sees this as a crucial test for the cryptocurrency's long-term narrative as the ultimate store of value.
Bitcoin bulls, of course, have their counterarguments. They see the cryptocurrency as still maturing, finding its footing and heading toward eventual dominance. But Schiff's question remains: If Bitcoin is going to overtake gold, why hasn't it already?