Bitcoin’s (CRYPO: BTC) ongoing consolidation phase has sparked a heated debate, with critics pointing to gold’s breakout as proof that BTC has lost steam.
What Happened: Bitcoin critic Peter Schiff noted that Gold (NYSE:GLD) surged to fresh all-time highs around $3,600 as the Federal Reserve prepares to cut rates despite sticky inflation.
By comparison, Bitcoin has failed to respond, lagging gold’s breakout and sitting about 15% lower vs. gold than its 2021 peak, Schiff argued.
He framed the divergence as proof …