Maybe this is gold’s fault. Peter Schiff, who talks a lot against Bitcoin, admits that there are at least some errors in his prediction after admitting that the currency did not “crash” when gold rose to a whole new height last month.
During a Twitter conversation with Tyler Winklevoss that began on September 6, Schiff exchanged words with the Gemini founder regarding Bitcoin’s increase to an annual high of over $ 12,000 on August 17 and the decline to less than $ 10,000 just last week. While Winklevoss predicted that the digital baseline for all future falls would be $ 10,000, Schiff was definitely more bearish, indicating that Bitcoin (BTC) could consolidate to a crash.
“The more 10K support levels are tested, the weaker it becomes,” Schiff said. Markets rarely give investors the opportunity to buy at the bottom.
However, Twitter user Sharkybit was not prepared to give up a false word about gold by posting a screenshot on July 5 of Schiff’s prediction that Bitcoin’s price will fall when gold rises.
“I was right in gold, but wrong in bitcoin,” Schiff said. “The latter managed to resist the opposition and save up to $ 12,000, thanks in large part to the trip to the gold coats and the purchase of a massive shade of gray advertising.”
“After falling to $ 10,000, Bitcoin quickly returned to a bear market.”
According to Skew Analytics, the monthly correlation between gold and bitcoin hit a record 68% in early August. At the time of writing, the gold price is $ 1,934 per ounce after falling just 7.1% since the record high of $ 2089 on August 6th.
However, Bitcoin is currently valued at $ 10,251, down 15% since it first climbed over $ 12,000 this year on August 2nd. The correlation between the two assets has remained around 0-20% over the past two weeks and fell briefly to 2.6% in September. 2.
Although Bitcoin is no longer strongly associated with gold at this time, cryptocurrency assets are likely to become digital gold in 2020, given previous price correlations and trends in the futures market. According to Skew, the YTD (YTD) gold return was 27.22%, while the Bitcoin YTD was 42.36%.