Gold Prices Surge as Bitcoin Faces Long-Term Bear Market

Economist and gold advocate Peter Schiff announced on social media that gold prices have surged past $5,000. According to ChainCatcher, traders who shorted gold last week may face challenges. Meanwhile, Bitcoin's price has fallen to $76,000, equivalent to 15 ounces of gold, marking a 59% decline from its peak in November 2021. In terms of gold valuation, Bitcoin is experiencing a long-term bear market. Peter Schiff, known for his long-standing support of gold and criticism of Bitcoin, has consistently maintained a negative stance on cryptocurrencies.