Peter Brandt, an experienced trader with over four decades in the industry, has drawn attention to the consistent gains of bitcoin against gold since its inception. He predicts that it will take 100 ounces of gold to purchase one bitcoin in the future. In contrast, Peter Schiff has argued that bitcoin has underperformed gold over the past 2.5 years.
Brandt, a respected figure in the trading community, showcased a chart illustrating the number of gold ounces needed to buy one bitcoin. He believes that this ratio will remain volatile for the next 12 to 18 months before eventually reaching 100 ounces of gold per BTC.
Using the gold futures contract GC_F traded on the COMEX exchange, Brandt shared his insights on social media platform X. He stated that bitcoin has consistently gained against gold since its inception, and he expects the ratio to fluctuate before reaching the 100-ounce mark.
Seeking the opinion of gold advocate Peter Schiff, Brandt concluded his post with a question directed at Schiff. This is not the first time Brandt has attempted to engage Schiff in a discussion about gold versus bitcoin. Schiff has consistently claimed that gold has outperformed bitcoin. He recently pointed out that on October 21, 2021, it took 37 ounces of gold to buy one bitcoin, but now it only takes 29 ounces, indicating a 22% decline and an official bear market. Schiff firmly believes that bitcoin has underperformed gold for the past 2.5 years. However, Brandt disagrees and has urged Schiff to consider a broader perspective when comparing the two assets.
Brandt, a vocal supporter of bitcoin, believes that it has the potential to replace fiat currency as the primary store of value. However, he has recently issued a warning about the future of crypto staking, referring to it as "the biggest disaster yet to come in crypto." He anticipates significant disasters, bankruptcies, and personal financial losses within the crypto sector.
What are your thoughts on Peter Brandt's analysis of bitcoin versus gold? Let us know in the comments section below.