The price of gold has reached a new historical high, which supporters of the precious metal used as an excuse for new criticism of the first cryptocurrency against the background of its correction.
According to the American Hartford Gold Group, on April 4, gold quotes came close to $2,300 per troy ounce. Growth has accelerated since about the middle of February.
Data: American Hartford Gold Group.Peter Schiff, president of Euro Pacific Capital, wrote that since the beginning of the second quarter, the price of gold has added 8.7%, silver — 3.4%, while bitcoin has fallen by 7%.
So far in Q2 2024 here are the results:#Silver up 8.7%#Gold up 3.4%#Bitcoin down 7%
The results speak for themselves.
In response to the reasonable objection that the period began only three days ago, he predicted further growth of metals. For the first cryptocurrency, things will only get worse, he said.
In another comment, Schiff was reminded of the asset growth figures from the beginning of the year: gold has 12%, silver has 13%, and bitcoin has 52%. The figures given by another user over five years turned out to be even more convincing: 78%, 79% and 1,500%, respectively.
Attention Bitcoin #HODLers. This may be your last change to sell your #Bitcoin and buy some #gold and #silver at favorable prices. If you fail to act, have fun staying poor. https://t.co/Y2JnEac7dr
— Peter Schiff (@PeterSchiff) April 4, 2024"Attention Bitcoin hodlers. This may be your last attempt to sell your coins and buy some gold and silver at bargain prices. If you do nothing, have fun staying poor," a well—known critic of the cryptocurrency urged.
The investor under the nickname Quasar ironically replied that he "does not have another 60 years to wait for the growth of the precious metal for the next $ 1,500." Schiff allowed that it could take 60 days.
ByteTree analyst Charlie Morris criticized bitcoin from an environmental point of view: according to him, gold reached its maximum "without electricity consumption." Earlier, Bloomberg noted that in February, the cryptocurrency blockchain consumed a record 19.6 GW.
Managing Partner Daniel Batten of CH4 Capital provided his counterarguments:
"The energy needed for gold mining mainly comes from fossil fuels, so it has a much greater impact on the environment and emission intensity than bitcoin mining, which is fully electrified and leaves no mercury or arsenic in the local land," the expert pointed out.
Swan Bitcoin co-founder Brady Swanson participated in the discussion, who confirmed that he had "apocalyptic" impressions from visiting the gold mine.
Recall that the discussion of the impact of cryptocurrency mining on the environment revived in March, after the release of the Greenpeace report, which was sharply criticized by industry experts.
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