Gold Soars to Record High as Peter Schiff Dismisses Bitcoin’s ‘Digital Gold’ Narrative

Gold surged to an all-time high of $2,942.70 per ounce on Tuesday, February 11, amid growing market uncertainty following President Trump’s latest tariff announcement. The rally reinforced gold’s status as a safe-haven asset, even as Bitcoin, often dubbed “digital gold,” struggled to maintain its momentum.

Gold Retains Its Safe-Haven Appeal

On February 11, it reached a historic peak of $2,942.70 per ounce before retreating slightly to just above $2,900. Despite the pullback, the precious metal’s year-to-date gain momentarily stood at nearly 11%. According to Reuters, profit-taking among investors contributed to the minor decline. However, sentiment remains overwhelmingly bullish for gold as market fears intensify.

Kyle Rodda, a financial analyst at Capital.com, noted that trade war concerns are driving demand for the asset: “The risk of a global trade war is prompting investors to increase their exposure to gold as part of a broader de-dollarization strategy.” He added that gold buyers shipping bullion to the U.S. to sidestep potential tariffs are “somewhat price insensitive.”

Meanwhile, Bitcoin, which has often been compared to gold as a store of value, fell over 2% on the same day, slipping from $98,000 to $95,000. This price action casts doubt on Bitcoin’s ability to function as a true safe-haven asset comparable to gold.

Schiff Challenges Bitcoin’s ‘Digital Gold’ Status

Gold’s advocate and vocal Bitcoin critic Peter Schiff weighed in on the debate, arguing that Bitcoin is losing relevance in comparison to gold. He pointed out that in 2021, when Bitcoin hit its all-time high of $69,000, its market capitalization was 10.72% of gold’s. Today, even with Bitcoin trading near $98,000, its market cap has dropped to 9.95% of gold’s total valuation.

“If Bitcoin is the new gold, why has it become less significant than gold over the past four years?” Schiff questioned in a post on X.

Schiff also criticized mainstream U.S. media and Wall Street for downplaying gold’s impressive rally. He accused them of deliberately ignoring gold’s performance or attempting to discredit its role in the financial markets. However, he argued that gold’s resilience is undeniable, stating, “Gold’s critics are quickly realizing that it’s one of the few metals that doesn’t tarnish.”

With gold’s latest record-breaking rally and Schiff’s continued skepticism of Bitcoin, the battle between traditional and digital stores of value remains as heated as ever.

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