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

Brian Quarmby7 hours agoTwitter to impose daily limits on DMs for unverified accounts, citing an effort to ‘reduce spam’Twitter has not yet specified what the daily DM limits will be, and the move hasn’t been recei
Kyle White4 hours agoHere’s what happened in crypto todayNeed to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto r
Despite Recent Threats From Canadian Officials, ‘Real Crypto’ or Decentralized Assets Cannot Be Frozen
Despite Recent Threats From Canadian Officials, "Real Crypto" or Decentralized Assets Cannot Be Frozen Over the last week, there’s been a lot of discussion about Canada 
Crypto Exchange Coinbase Files Amicus Brief to Support Ripple in SEC Lawsuit Over XRP
Crypto Exchange Coinbase Files Amicus Brief to Support Ripple in SEC Lawsuit Over XRP Cryptocurrency exchange Coinbase has filed an amicus brief in support of Ripple Labs in the U.
Pac Finance reportedly causes $24M in liquidations via sudden parameter change
Christopher Roark2 hours agoPac Finance reportedly causes $24M in liquidations via sudden parameter changeMultiple users on social media claimed they had been liquidated after a Pac Finance admin wallet allegedly changed
Derek Andersen2 hours agoOpenSea lays off 50% of staff with severance in preparation for version 2.0 launchThis is the second layoff by the pioneering NFT marketplace after the crypto winter and a stubborn bear market fo
Why is ETH demand lacking post-Ethereum ETF?
Biraajmaan Tamuly2 hours agoWhy is ETH demand lacking post-Ethereum ETF?ETH price failed to crack the $3,400 resistance level, as spot Ethereum ETFs are seeing more outflows largely due to Grayscale.801 Total views2 Tota
XRP Price To $5.85: Analyst Reveals Why The New Week Will Be ‘Dynamic’
Este artículo también está disponible en español. A new XRP price predictionhas surfaced, with a crypto analyst forecasting that the popular altcoin will experience a dyn
Derek Andersen2 hours agoCambodian digital currency bakong amps up use case with Alipay agreementThe CBDC-like bakong provides digital payment services in riel and the U.S. dollar. It has been steadily extending its regi
Turner Wright9 hours agoSEC punts on ARK 21Shares spot Bitcoin ETF, opens proposal to commentsARK Investment Management founder and CEO Cathie Wood predicted on Aug. 7 the SEC would delay its decision on the firm’s spo
Ana Paula Pereira3 hours agoCrypto Biz: Worldcoin plans to open source data, MicroStrategy preps for BTC halving, and moreThis week’s Crypto Biz looks at Worldcoin’s expansion plans, GameStop’s exit from crypto, Mi
Rich Dad Poor Dad Author Robert Kiyosaki Warns About World War III
Rich Dad Poor Dad Author Robert Kiyosaki Warns About World War III The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned about World War Three.