- The price of gold hits a record peak at $4,078.05 per ounce, while big players in finance align it with Bitcoin.
- SchiffGold’s chairman highlights gold’s resilience amid Trump’s market-shaking trade policies and predicts further dips in BTC and ETH prices.
Gold hit another all-time high this month, with its price trading at $4,078.05 per ounce on Monday based on Reuters. Gold investor Peter Schiff, Chairman of SchiffGold, emphasized the strength of gold in times of macroeconomic and geopolitical uncertainty, while BlackRock CEO Larry Fink and Tether CEO Paolo Ardoino believe Bitcoin (BTC) aligns with the precious metal’s role in global finance.
Schiff Endorses Gold and Takes a Dig at Bitcoin
According to Schiff, gold remained unfazed amid US President Donald Trump’s tariff announcement on Friday, which led to a significant dip in the market, including around $20 billion in forced liquidations from leveraged crypto positions. By past Monday midnight (UTC), he highlighted that the asset, alongside silver, had no Friday loss to recover, unlike BTC.
During the weekend’s crypto carnage, Schiff criticized the massive drops in Bitcoin and Ethereum (ETH) due to their price sensitivity to Trump’s tariff and export control threats against China. He predicted that Bitcoin could dip further below $75K, a 40% slide from its peak, which could endanger Strategy’s (MSTR) unrealized gains. Moreover, he cautioned that Ether could fall back to $1,500 if it fails to maintain its hold on the $3,350 support.
In the last 24 hours, however, Bitcoin has already recovered from the weekend dip as it traded between a $111,240.45 low and $115,955.33 high. Meanwhile, Ether stood between a $3,798.68 low and $4,218.27 high within the same timeframe.
Several commenters to Schiff’s posts argued that Bitcoin has outperformed gold for years. BitBo’s chart indeed confirms that the price of BTC in gold is still near its record peak. A unit of BTC is now worth 31.85 in ounces of gold.
BlackRock CEO Larry Fink Aligns Digital Assets to Gold
In his recent interview with CBS’s 60 Minutes, Fink stated that gold has been tested and proven to be a safe haven during economic turmoil. But then again, crypto is becoming widely accepted as the asset’s digital alternative.
The BlackRock CEO explained that, unlike gold, crypto is more accessible and easier to trade. These are the main reasons they are gaining strong traction among mainstream investors. Furthermore, he pointed out that they present investors with ways to diversify their portfolios outside of stocks and bonds for better risk management.
BlackRock possesses 798,747 BTC via its iShares Bitcoin Trust (IBIT) spot crypto exchange-traded fund (ETF) per BitcoinTreasuriesNet.
Tether CEO Paolo Ardoino Says Bitcoin and Gold Will Outlast Other Currencies
Ardoino also recently declared, “Gold and Bitcoin will outlast any other currency.” Tether, the largest stablecoin issuer in the world, notably holds its reserves in the mentioned assets, underscoring its conviction in their shared role in the ongoing evolution of the financial landscape.
USDT’s issuer revealed in July that it keeps 80 tons of gold in a secure location in Switzerland, which was worth $8 billion at the time. This comes in addition to its estimated 87,475 BTC portfolio.
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