Gold Hits $3,600 as Peter Schiff Says Bitcoin Investors Picked the Wrong Bet

• Gold smashes $3,600 as Schiff mocks Bitcoin’s fading momentum.
• Peter Schiff insists Bitcoin investors backed the wrong safe haven.
• Weak jobs data fuels gold’s record rally, Bitcoin lags behind.

Gold surged past $3,600 today, setting a fresh record and reinforcing its position as the leading haven. The rally followed disappointing U.S. employment data, which increased the likelihood of the Federal Reserve cutting rates soon.

According to Peter Schiff, the veteran gold advocate, this market reaction was entirely predictable. He argued that gold is thriving in the exact conditions where Bitcoin has failed to deliver.

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Schiff Says Gold’s Strength Exposes Bitcoin’s Weakness

The U.S. Labor Department revealed that only 22,000 jobs were added, far below the forecast of 75,000. This was an indicator of a decelerating economy and had an immediate effect of increasing policy easing expectations. Schiff alleged that this kind of environment makes gold more attractive, whereas Bitcoin has not demonstrated a response at all.

He emphasized that investors who decided to invest in Bitcoin rather than gold were placing bets on the wrong horse. Gold has soared to record highs, and Bitcoin is not far behind, losing 13 percent to gold this year. Schiff was insistent that this comparison can determine which asset actually deserves the haven designation.

Bitcoin reclaimed some ground, trading at $111,225 after surpassing the $113,000 mark. Nonetheless, Schiff emphasized that the cryptocurrency performs pathetically when compared to the explosive growth of gold. He also reported earlier in the month that breakouts of gold and silver were also indicative of additional Bitcoin weakness.

Growing Divide Between Traditional and Digital Assets

Gold’s surge underscores investor concerns about inflation and slowing growth. Market participants are shifting capital toward traditional hedges, reinforcing the metal’s dominance. Schiff has been asserting all along that this preference will remain as economic uncertainty accumulates.

Meanwhile, Bitcoin’s inability to keep up with the pace creates additional concerns about its use as inflation protection. Schiff asserts that the digital asset will not be able to match the proven performance of precious metals during moments of stress.

Its claim as the best haven has been strengthened by its record-breaking run. Schiff’s criticism highlights the gap between traditional assets and digital currencies, with Bitcoin underperforming as gold reaches new heights.

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