Economist Peter Schiff on Sunday took a dig at Bitcoin’s (CRYPTO: BTC) underperformance amid record-breaking market highs in stocks and gold.
Schiff Questions Bitcoiners
In an X post, Schiff noted that while the Nasdaq Composite and the S&P hit record highs and gold reached a new peak ahead of a potential interest rate cut, Bitcoin seemed to be the exception.
“While investors bought both risk assets and safe havens, they sold Bitcoin. Does this worry any Bitcoiners?” Schiff asked.
How Did The Assets Perform Last Week?
While Bitcoin barely moved in the last 24 hours of trading, it increased the most on a weekly basis, by 4.64%. Stock indexes and gold, despite trading at record levels, trailed the apex cryptocurrency.
| Cryptocurrency | Weekly Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin | +4.64% | $116,134.63 |
|
Spot Gold |
+0.20% | $3,643 |
| Nasdaq Composite | +1.32% | 22,141.10 |
| S&P 500 | +1.39% | 6,584.29 |
See Also: Shiba Inu’s Layer-2 Network Breached, Over $1 Million Each in Ethereum, SHIB Stolen: How It Was Done
Hayes Wants Perspective Changed
Arthur Hayes, Chief Investment Officer of Maelstrom and co-founder of BitMEX, defended Bitcoin’s performance in an interview aired Saturday, urging investors to “readjust their perspective” and focus on the bigger picture.
“If you take a very short time horizon, from a couple of months ago, and why isn’t Bitcoin at 150,000? Well, I’m sorry that you bought Bitcoin six months ago, but for anyone who bought it two, three, five, or 10 years ago, they’re laughing,” Hayes remarked.
He added that anyone who thought they could buy Bitcoin one day and be able to purchase a Lamborghini the next was likely to get liquidated. “It’s just not the right way to think about things.”
The responses come amid a dip in the cryptocurrency market. Bitcoin fell below $115,000 overnight, after topping $116,000 earlier in the day. This occurred while stock futures soared as investors awaited the Federal Reserve’s decision on interest rate cuts.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
