Bitcoin (BTC) Surpasses $71,000 as Gold (XAU) Nears Record High

Banker and financial expert Peter Schiff, a well-known critic of digital assets, recently highlighted on social media that gold is trading near a record high

Banking and financial expert Peter Schiff, who is also a well-known critic of digital assets, recently highlighted on social media that gold is currently trading at around $2,760 an ounce, very close to a record high. However, he noted that Bitcoin (BTC) has already surpassed $71,000, suggesting that gold’s performance may be overlooked due to Bitcoin’s resurgence.

In response to Schiff’s statement, Sean Ono Lennon, son of Beatles’ icon John Lennon and Yoko Ono, expressed his support for Schiff with a hint of irony. While many recognize Ono Lennon primarily as a musician, he is also an enthusiastic participant in the crypto space. He has been involved in various SocialFi innovations, such as friend.tech, and has previously shared positive views about Bitcoin.

Schiff's commentary comes during a period when both gold and Bitcoin are vying for record prices. Gold is currently at an all-time high, while BTC approaches its previous peak. BlackRock CEO Larry Fink recently commented on this competition, stating that the cryptocurrency essentially “digitizes” gold, reinforcing the notion of Bitcoin as “digital gold” or “gold 2.0.”

Even though Schiff is not a fan of cryptocurrencies, particularly Bitcoin, others, including Fink, see similarities between the two assets not only in terms of price movement but also in their fundamental characteristics. Bitcoin recently broke through the $69,000 mark, surpassing significant resistance levels and generating renewed momentum. This surge marks its highest point since early June, positioning it just 4.2% below its all-time high of $74,000. With a noticeable shift in investor sentiment, current market dynamics suggest that Bitcoin could soon reach new highs.

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