Gold is only a few dollars away from a new record high of $4,000 per ounce, as more investors move their money into safe places during uncertain times.
As of today, gold futures have reached $4,000 per ounce, and spot prices climbed to $3,976, according to TradingView. This sudden rise in gold’s price came due to the fact that investors are pumping money into safer assets as they worry about inflation and the falling value of the U.S dollar.
As a result, this has caught the attention of financial analysts in the crypto space, especially Bitcoin supporters who often compare the two assets.
For instance, Peter Schiff, a strong gold supporter and Bitcoin critic said in a recent post on X, that “Gold is at a new record high. This is a clear warning that current Fed policy is wrong.” He urged the U.S. central bank to “reverse course immediately and raise interest rates.”
Gold’s price has already increased by more than 50% since the start of the year, thanks to global inflation, and growing fears about government debt. During the same time, Bitcoin rose by about 33%, as it follows gold’s pattern but just more slowly.
At the time of writing, Gold is trading for $3,951, While Bitcoin is trading for $124k, just a small percentage drop after hitting a new high of $126k yesterday.
According to David Marcus, co-founder of Litespark and former PayPal president, said if Bitcoin were valued like gold, it would be worth about $1.3 million.
VanEck analyst Matthew Sigel also said Bitcoin could reach half of gold’s market value by 2028, which would make it worth around $644,000. Sigel added that younger investors prefer Bitcoin as a store of value over gold.
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