Fun

Goldbugs renew mocking Bitcoin as the yellow metal hits all-time high

News Feed - 2024-04-04 03:04:34

Martin Young2 hours agoGoldbugs renew mocking Bitcoin as the yellow metal hits all-time highGold investors are taking swipes at Bitcoin following a new all-time high for the precious metal.928 Total views24 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksSpot gold prices have reached an all-time high, resulting in a resurgence of Bitcoin (BTC) derision from the precious yellow metal’s investors.


Gold hit an all-time high of $2,304 per ounce on April 3, according to the American Hartford Gold Group, posting an 11.5% year-to-date gain for the usually slow-moving asset.


Gold started gaining momentum in mid-February, rising from around $2,000 per ounce to over $2,200 in late March, having held up well alongside other safe-haven assets due to growing global tensions, uncertainty over possible interest-rate cuts and de-dollarization Hartford Funds investment strategist Nanette Abuhoff Jacobson told MarketWatch on April 3.Gold’s price in U.S. dollars since Jan. 1. Source: American Hartford Gold Group


Bitcoin is sometimes referred to as “digital gold,” but the real gold"s price peak sparked renewed mockery from goldbugs and Bitcoin belittlers. 


Gold bull and Bitcoin detractor Peter Schiff said in an April 3 X post that so far in the second quarter of 2024, Bitcoin is down 7% while silver and gold are respectively up 8.7% and 3.4%, claiming: “The results speak for themselves.”


However, the second quarter began three days ago at the time of Schiff’s post and BTC has gained 55% this year, eclipsing gold’s gains over the same time by a factor of five.


In a follow-up post, Schiff claimed it might be the “last chance to sell your Bitcoin and buy some gold and silver at favorable prices.”


“If you fail to act, have fun staying poor,” he claimed.


The irony was not lost on some of the respondents, crypto trader “Quasar” said that they didn’t “have another 60 years to wait for gold to go up another $1,500.”


Related:Bitcoin and gold broke new price records on the same day


Bytetree analyst and researcher Charlie Morris also took a swipe at Bitcoin in an April 3 X post, commenting that gold has reached its all-time high “without electricity consumption” — referring to Bitcoin’s power-intensive mining process.


However, environmentalist and Bitcoin ESG researcher Daniel Batten was quick to point out that the energy required for gold extraction is mostly from fossil fuels, adding:“[Gold] has a much higher environmental impact and emission intensity than Bitcoin mining, which is fully electrified, and does not leave mercury or arsenic in the local land and water supply.”Source:Charlie Morris


Swan co-founder Brady Swenson added: “How can you be a gold bug and not understand the gold mining process[?] I visited a gold mine once, it was apocalyptic.”


Meanwhile, the 14 leading gold-tracking exchange-traded funds (ETFs) had lost $2.4 billion from the start of the year to mid-February, in contrast to spot Bitcoin funds which had seen $3.89 billion in inflows over the same period.


Magazine: 6 Questions for Illuvium founder Kieran Warwick# Bitcoin# GoldAdd reactionRead moreOrdinals drive ‘positive momentum’ in Bitcoin innovation — Franklin TempletonBitcoin’s 2028 halving price target is $435K, historical data suggestsBitcoin headed for ‘screwy price action’ after 64% surge in first quarter

News Feed

A Group of Users Is Battling Binance to Get Their Money Back After May’s Crash
A Group of Users Is Battling Binance to Get Their Money Back After May"s Crash A group of Binance customers are seeking to get their funds back after the platfor
Fantom Price Breakout: Analyst Shares Anatomy Of FTM’s 18,000% Move To $150 By 2025
Este artículo también está disponible en español. A recent technical analysis on TradingView has drawn attention to the Fantom price, with a projected 18,000% increase to
Celsius Countersues Keyfi Founder, Company Claims Millions Were Stolen From Crypto Lender’s Wallets
Celsius Countersues Keyfi Founder, Company Claims Millions Were Stolen From Crypto Lender"s Wallets Roughly seven weeks after Keyfi founder Jason Stone filed a lawsuit against the
If Ethereum Holds $2,200 Price Could Recover Fast – Analyst Sets Price Target
Este artículo también está disponible en español. Ethereum is trading below the $2,300 mark after failing to hold key demand levels last week. The price has faced intense
Ethereum DApp volumes drop 33% in a week — Is more ETH price weakness ahead?
Marcel Pechman2 hours agoEthereum DApp volumes drop 33% in a week — Is more ETH price weakness ahead?Ethereum’s dominance in decentralized application deposits compensates for the reduced onchain volumes, but what ab
Helen Partz13 hours agoArbitrum DAO takes $56M of unclaimed ARB as airdrop deadline endsThe amount of unclaimed Arbitrum tokens accounts for 0.69% of ARB’s total supply of 10 billion.3724 Total views9 Total sharesListe
Strategist Warns Credit Suisse Next to Collapse — Says ‘There’s a Run on the Bank’
Strategist Warns Credit Suisse Next to Collapse — Says "There"s a Run on the Bank" Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to col
Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain
Russian Bank Issues Bank Guarantee in Chinese Yuan Using Blockchain A bank in Russia has issued the country’s first blockchain-based bank guarantee denominated in Chinese currenc
Dutch Bitcoin Exchange Files Preliminary Injunction to Suspend Wallet Verification Rule Enacted by the Netherlands
Dutch Bitcoin Exchange Files Preliminary Injunction to Suspend Wallet Verification Rule Enacted by the Netherlands A Dutch bitcoin (BTC) exchange has filed a pre
Terra’s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin
Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin The algorithmic stablecoin stemming from the Terra (LUNA) network has become the third-largest stab
BlackRock receives memecoins, NFTs after depositing $100M USDC onchain
Brayden Lindrea8 hours agoBlackRock receives memecoins, NFTs after depositing $100M USDC onchainThe transfers ranged from Bitcoin-based Ordinals Pepe (PEPE) coin to a CryptoDickbutts S3 NFT.4258 Total views7 Total shares
Brayden Lindrea4 hours agoArbitrum’s fraud proofs haven’t been used in the two years since it launchedOffchain Labs co-founder Ed Felten said there were one or two fraud challenges submitted on a version of Arbitrum