Gold hits all-time high as goldbugs resume BTC bashing

Spot Gold has hit a new all-time high of $2,304 per ounce as its investors resume their usual trashing of the leading digital asset Bitcoin. This update is coming at a time when the United States Federal Reserve is making plans to cut the rate as inflation levels remain above the central bank’s target. According to the American Hartford Gold Group, the precious metal hit an all-time high on April 3, pushing its year-to-date gain to 11.5%.

Gold hits an all-time high of $2,304

The precious metal started its ride to the top in February, pushing from its $2,000 per ounce price to hit above $2,200 towards the end of March. According to Hartford Funds investment strategist Nanette Abuhoff, the precious metals rise was largely influenced by the rising global tension in the Middle East, de-dollarization plans, and some other factors. During its rise, the asset also held its own alongside other haven assets in the financial market.

With the precious metal hitting its all-time high, Bitcoin has experienced bashing from gold investors and BTC critics. In a recent post on X, goldbug Peter Schiff wrote that Gold and Silver were up by 8.7% and 3.4% while Bitcoin was down 7% at the time. He noted that the better asset needs no explaining and the results speak for themselves.

Analysts sentiments fuel debates on Bitcoin and gold

Schiff also urged his users to take advantage of this last opportunity to sell their Bitcoin and buy the precious metals while they can. However, Bitcoin has experienced a massive 55% rise this year, posting over five times the gains of the previous metal since the start of April. Some of Schiff’s followers did not find his post funny, with an X user commenting that Bitcoin holders don’t need to wait for more than 50 years for its price to rise by $1,500.

ByteTree analyst Charlie Morris also talked about energy consumption in his post where he said that the precious metal didn’t need excess energy before it hit its all-time high. However, Bitcoin ESG researcher Daniel Batten commented that Bitcoin mining is electrified, and doesn’t leave mercury or arsenic on the land or water.

Swan co-founder Brady Swenson questioned their knowledge about mining gold despite being called goldbugs. Meanwhile, the gold exchange-traded funds (ETFs) platform lost about $2.4 billion from the beginning of the year to the middle of March. In contrast, Bitcoin funds have experienced a massive inflow of $3.89 billion in the same period.