Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin biggest bubble
29 Oct 2020 #Bitcoin
Gold sinks to yearly lows against Bitcoin but Peter Schiff remains convinced that the former's price gains are ill-gotten. 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, continuing to edge up to press-time levels of 7.02 ounces.
Gold hits one-year lows in BTC
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. The last time that BTC/XAU broke 7 ounces was in September 2019.
Commenting on the latest events, quant analyst PlanB, creator of the stock-to-flow family of Bitcoin price models, called the move “significant.”
“It looks like #Bitcoin is getting ready to conquer a larger portion of the gold market cap,” data monitor Ecoinometrics responded on Twitter. “Right now #BTC is at about 2.4% of the market size of gold. This is only the beginning.”
The sentiment echoed recent comments by Real Vision CEO Raoul Pal, who said that gold was “breaking down” against Bitcoin and that other macro assets would follow.
“The next thing I'm expecting is the correlations between BTC and the dollar and BTC vs equities to break down too... let's see,” he wrote last week. Schiff: Bitcoin is “the biggest bubble I’ve seen”
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 Twitter post, Schiff described the largest cryptocurrency as a “bubble.”
“If 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've seen,” he claimed. “Bitcoin hodlers are more confident they're right and sure they can't lose than were dotcom or house buyers during those bubbles.”
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 disappeared.
As Cointelegraph reported, correlation between BTC/USD and the S&P 500 hit zero again this week, as Bitcoin struck out on its own in its latest gains.
“It could not be more uncorrelated than it is right now,” Anthony Pompliano, co-founder of Morgan Creek Digital, summarized.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 82.4% | 35 | $43 287.80 | 2.05% | -8.49% | $814 966 927 933 | $32 680 812 854 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 72.8% | 49 | $3 010.99 | 3.55% | -9.89% | $354 338 554 947 | $21 802 081 769 | |
| 3 |  ADA |
Cardano predictions | 60% | 80 | $2.27 | -3.89% | -2.90% | $72 613 126 112 | $5 577 581 472 | |
| 4 |  USDT |
Tether predictions | 94% | 1 | $1.000700 | -0.08% | -0.03% | $68 590 944 713 | $79 368 686 289 | |
| 5 |  BNB |
Binance Coin predictions | 66.8% | 69 | $346.18 | -1.47% | -14.62% | $58 205 321 046 | $1 873 086 247 | |
| 6 |  XRP |
XRP predictions | 70.4% | 52 | $0.947086 | 0.59% | -10.97% | $44 245 636 148 | $3 503 428 805 | |
| 7 |  SOL |
Solana predictions | 66.8% | 72 | $137.06 | -1.92% | -13.76% | $40 744 147 032 | $2 455 458 712 | |
| 8 |  USDC |
USD Coin predictions | 95.2% | 1 | $1.000483 | -0.05% | -0.03% | $31 006 963 781 | $3 830 168 851 | |
| 9 |  DOT |
Polkadot predictions | 67.6% | 69 | $29.44 | -3.25% | -12.15% | $29 070 856 010 | $2 592 379 334 | |
| 10 |  DOGE |
Dogecoin predictions | 64% | 77 | $0.205929 | -0.86% | -12.64% | $27 068 780 737 | $1 515 174 486 | |
| 11 |  AVAX |
Avalanche predictions | 56.8% | 87 | $68.09 | -3.41% | -4.08% | $14 998 710 235 | $1 234 318 562 | |
| 12 |  LUNA |
Terra predictions | 68.4% | 59 | $36.34 | -4.22% | 4.95% | $14 536 281 852 | $1 625 437 616 | |
| 13 |  UNI |
UniSwap predictions | 64.8% | 74 | $23.42 | 20.32% | -1.22% | $14 325 624 849 | $1 167 934 535 | |
| 14 |  BUSD |
Binance USD predictions | 92.4% | 1 | $1.000303 | -0.07% | -0.05% | $13 693 477 670 | $5 597 328 153 | |
| 15 |  LINK |
Chainlink predictions | 67.6% | 70 | $25.06 | 10.18% | -9.97% | $11 403 176 618 | $2 018 605 273 |
