The prices of gold and Bitcoin (BTC) are surging. The precious metal hit an all-time high of above $1,950 an ounce this week, while its digital counterpart surged past $11,000, setting new highs since 2019.
Ari Wald, head of technical analysis at Oppenheimer, says investors may continue to hold on to their gold, but Bitcoin will likely outperform the traditional asset.
He explains on CNBC’s Trading Nation that the leading cryptocurrency still has more room to rally based on its price history, while gold already hit its highest price this month. Wald also thinks that the king coin is reversing the downtrend since its historical 2017 bullish streak, which set BTC’s all-time high of $19,498.
This is the 'type of action' bitcoin bulls like to see, Oppenheimer says #bitcoin (via @TradingNation) https://t.co/V4HAwQHRvz
— CNBC (@CNBC) July 28, 2020
Robert Kiyosaki shares Wald’s thoughts on Bitcoin and gold. In response to gold investor Dennis Gartman’s announcement that he is moving away from the precious metal, the “Rich Dad Poor Dad” author shares on Twitter where he’s betting his money.
Dennis Gartman respected gold bull is out of gold. Thinks gold price has peaked. I agree. Silver still around $25 Oz. $50 next? Everyone can afford. If you have money Bitcoin is moving up. I am out of gold loading on silver and Bitcoin. What are you doing? Got silver and Bitcoin?
— therealkiyosaki (@theRealKiyosaki) July 28, 2020
Peter Schiff, CEO of Euro Pacific Capital, disagrees with this theory that Bitcoin will outrun gold.
The U.S. dollar just hit an all-time record low. You now need over $1,920 to buy a single ounce of #gold. But this record won't last long as the dollar's decline is only just getting started. It's about to plunge to new depths taking the American standard of living down with it.
— Peter Schiff (@PeterSchiff) July 27, 2020
Schiff, a crypto skeptic who believes that Bitcoin is a Ponzi scheme, predicts that the value of gold will go up as the US dollar continues to decline.
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