Binance co-founder Changpeng Zhao responded to Peter Schiff’s prediction of a brutal Bitcoin (CRYPTO: BTC) bear market on Thursday, highlighting the leading cryptocurrency’s historical outperformance against gold.
Zhao Throws Jibe At Schiff
Zhao sarcastically admitted that Bitcoiners “should have listened” to Schiff’s forecast now that BTC has plunged 32% against gold since its August peak. He did, however, point out that the two-month period represents only 1% of BTC’s 16-year existence.
“I am sure Bitcoin fluctuated negatively against gold more than that, except BTC went from $0.004 to $110,000 in 16 years,” the cryptocurrency mogul countered.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Comparison Over Longer Periods
Zhao’s argument had merit. While BTC has fallen 32% against gold in the last two months, longer timeframes suggested a different story.
Over the last five years, BTC has jumped 317% against the yellow metal. Similarly, it has increased by 8673% over a 10-year timeframe.
|
Cryptocurrency |
Price in Gold ounces (Recorded On October 12, 2020 ) | Price in Gold ounces (Recorded On October 1, 2015 ) | Price in Gold ounces (Recorded at 11:55 a.m. ET) | 5-Year Gains +/- | 10-Year Gains +/- |
| Bitcoin | 5.97499 | 0.28452 | 24.961 | +317.75% | 8673% |
Schiff Wants Bitcoiners To Embrace Gold
Schiff has stepped up the attack against BTC amid gold’s record-breaking run, questioning the "Digital Gold" narrative touted by a big section of Bitcoiners. While gold reached fresh highs at $4,370 per troy ounce, BTC fell further to $107,000 on Thursday.
He predicted a “brutal” bear market for the asset and urged its holders to sell it for gold to avoid “going broke.”
Price Action: At the time of writing, BTC was trading at $109,016.76, down 2.30% over the last 24 hours, according to data from Benzinga Pro. Year-to-date, the asset has gained 15%.
Spot gold was up 0.86% to $4,363.65 per ounce, having jumped over 60% this year.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
