Gold vs. Bitcoin: Peter Schiff Challenges CNBC's Bitcoin ETF Endorsement Amidst Soaring Gold Prices – Who Will Prevail?

Peter Schiff Criticizes CNBC for Ignoring Gold ETFs, Predicts Gold Will Surpass Bitcoin in the Future

Bitcoin critic Peter Schiff has raised concerns over CNBC's recent investment advice, particularly regarding the absence of recommendations for gold ETFs despite record-high gold prices. Schiff, a well-known advocate for gold, believes in the potential for gold to outshine Bitcoin in the coming month, despite CNBC's focus on Bitcoin ETFs.

Peter Schiff Slams CNBC's Fast Money for Ignoring Gold ETFs Amid Record High Prices, Predicts Gold Will Outperform Bitcoin in Future

Schiff took to X (formerly Twitter) to express his thoughts on CNBCFastMoney's investment advice. Despite gold reaching historic highs, CNBC's crew members did not advocate for purchasing gold ETFs or gold mining stocks. Instead, they suggested investing in Bitcoin ETFs. Schiff, known for his support of gold, has consistently emphasized the divergent performances of gold and Bitcoin, despite both reaching record highs.

Bitcoin has surged over 67% since the beginning of 2024, hitting an all-time high of $73,750.07 on March 14. In contrast, spot gold has seen a modest rise of 8.25% during a similar period.

Peter Schiff Criticizes CNBC's Bitcoin Coverage, Stands by Gold Amid Crypto Market Cool-off

Schiff's skepticism towards Bitcoin comes amid a cooling crypto rally and his ongoing criticism of the cryptocurrency. Despite expressing some regret for not investing in Bitcoin back in 2010, Schiff remains steadfast in his support for gold. He has repeatedly warned about a potential credit bubble in the US economy and criticized CNBC for focusing on Bitcoin's gains while downplaying its losses.

Peter Schiff Foresees Trouble for Bitcoin and Its ETFs After April Predictions, As Gold ETFs Continue to Soar

Schiff's prediction for April coincides with Bitcoin ETFs experiencing their worst day since going public, while gold ETFs continue to reach record highs. According to Schiff, this performance disparity may signal trouble ahead for Bitcoin and its associated ETFs.

At the time of writing, BTC was trading at $70,871, a slight increase of 0.10% in the last 24 hours. Conversely, spot gold was trading 1.72% higher at $2,232.37.