Bitcoin's Plunge to Four-Month Lows Reignites Debate Over 'Digital Gold'
Bitcoin plummeted to near four-month lows on Thursday, while spot gold prices rose by nearly 1%. The cryptocurrency's value dropped over 15% in just four days, outpacing a 1% decline in gold. Peter Schiff said that weakness in technology stocks is 'bad news' for Bitcoin, and that investors may seek traditional safe-haven assets like gold instead.
Schiff noted that the tech rally was a key support for Bitcoin, but now that tech stocks are under pressure, he expects Bitcoin to crash further. Technology stocks such as Microsoft, Nvidia, and Amazon have already seen declines between 2.5% and 3.5%. In contrast, spot gold prices rose due to easing tensions in the Middle East and a weaker U.S. dollar.
Nikos Tzabouras, senior market analyst at Tradu.com, said that a successful diplomatic outcome could help bullion extend its recovery. Spot gold was up 0.9% at $4,473 an ounce, while gold futures for August 2026 deliveries gained 0.7% to $4,497.6 an ounce.