{"id":100265,"date":"2020-10-29T13:25:41","date_gmt":"2020-10-29T10:25:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/gold-drops-to-7oz-per-btc-as-peter-schiff-calls-bitcoin-biggest-bubble\/"},"modified":"2020-10-29T13:25:41","modified_gmt":"2020-10-29T10:25:41","slug":"gold-drops-to-7oz-per-btc-as-peter-schiff-calls-bitcoin-biggest-bubble","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/gold-drops-to-7oz-per-btc-as-peter-schiff-calls-bitcoin-biggest-bubble\/","title":{"rendered":"# Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin \u2018biggest bubble\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bbed066623\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bbed066623\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/gold-drops-to-7oz-per-btc-as-peter-schiff-calls-bitcoin-biggest-bubble\/#Gold_hits_one-year_lows_in_BTC\" >Gold hits one-year lows in BTC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/gold-drops-to-7oz-per-btc-as-peter-schiff-calls-bitcoin-biggest-bubble\/#Schiff_Bitcoin_is_%E2%80%9Cthe_biggest_bubble_Ive_seen%E2%80%9D\" >Schiff: Bitcoin is \u201cthe biggest bubble I\u2019ve seen\u201d<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin \u2018biggest bubble\u2019 <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Bitcoin (BTC) hit seven ounces of gold for the first time in over a year this week as the precious metal comes off all-time highs.<\/p>\n<p>Data from <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\/xau\">CoinGecko<\/a> showed BTC\/XAU returning to the pivotal 7 ounce mark on Oct. 25, continuing to edge up to press-time levels of 7.02 ounces.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gold_hits_one-year_lows_in_BTC\"><\/span>Gold hits one-year lows in BTC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite Bitcoin losing ground after challenging $14,000, the gains against gold remained on Thursday, as the traditional safe haven felt the pressure of Coronavirus tensions and U.S. election uncertainty.<\/p>\n<p>The last time that BTC\/XAU broke 7 ounces was in September 2019.<\/p>\n<p>Commenting on the latest events, quant analyst <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1321731076767830017\">PlanB<\/a>, creator of the stock-to-flow family of Bitcoin price models, called the move \u201csignificant.\u201d<\/p>\n<p>\u201cIt looks like #Bitcoin is getting ready to conquer a larger portion of the gold market cap,\u201d data monitor <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ecoinometrics\/status\/1321731938541948929\">Ecoinometrics<\/a> responded on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>. <\/p>\n<blockquote><p>\u201cRight now #BTC is at about 2.4% of the market size of gold. This is only the beginning.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/68cc3768-112c-43d0-af33-f03c929e58fc.jpg\"\/><\/figure>\n<p><em>BTC\/XAU 1-year chart. Source: CoinGecko<\/em><\/p>\n<p>The sentiment echoed recent comments by Real Vision CEO <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1319292827990253568\">Raoul Pal<\/a>, who said that gold was \u201cbreaking down\u201d against Bitcoin and that other macro assets would follow.<\/p>\n<p>\u201cThe next thing I&#8217;m expecting is the correlations between BTC and the dollar and BTC vs equities to break down too&#8230; let&#8217;s see,\u201d he wrote last week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Schiff_Bitcoin_is_%E2%80%9Cthe_biggest_bubble_Ive_seen%E2%80%9D\"><\/span>Schiff: Bitcoin is \u201cthe biggest bubble I\u2019ve seen\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Reacting to the latest price action, embattled gold bug Peter Schiff did not hold back. Despite BTC\/USD staying far from its $20,000 all-time highs, in a fresh <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1321427801996726272\">Twitter post<\/a>, Schiff described the largest cryptocurrency as a \u201cbubble.\u201d<\/p>\n<p>\u201cIf you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the #Bitcoin bubble is the biggest I&#8217;ve seen,\u201d he claimed. <\/p>\n<blockquote><p>\u201cBitcoin hodlers are more confident they&#8217;re right and sure they can&#8217;t lose than were dotcom or house buyers during those bubbles.\u201d<\/p><\/blockquote>\n<p>Bitcoin has yet to suffer as a result of renewed uncertainty across the global economy, leading to increased claims that its correlation with traditional assets has all but dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared.<\/p>\n<p>As Cointelegraph reported, correlation between BTC\/USD and the S&amp;P 500 hit zero again this week, as Bitcoin struck out on its own in its latest gains.<\/p>\n<p>\u201cIt could not be more uncorrelated than it is right now,\u201d Anthony Pompliano, co-founder of Morgan Creek Digital, summarized.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/gold-drops-to-7oz-per-btc-as-peter-schiff-calls-bitcoin-biggest-bubble\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin \u2018biggest bubble\u2019 &#8221; Bitcoin (BTC) hit seven ounces of gold for the first time in over a year this week as the precious metal comes off all-time highs. Data from CoinGecko showed BTC\/XAU returning to the pivotal 7 ounce mark on Oct. 25,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":100266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/9e517cc9-9c5f-45c6-98c6-d78ad8c9050a.jpeg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,71835,73785],"class_list":["post-100265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-gold","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/100265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=100265"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/100265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/100266"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=100265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=100265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=100265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}