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Bitcoin Selloff Reignites 'Digital Gold' Debate as Spot Gold Rises

Guavy AI Editorial Team
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Bitcoin's price plummeted to nearly four-month lows on Thursday, while spot gold prices rose by almost 1%. The cryptocurrency extended its four-day loss to more than 15%, outpacing a 1% decline in gold.

Peter Schiff, a longtime critic of Bitcoin, believes the weakness in technology stocks is 'bad news' for the cryptocurrency. He argues that as tech stocks sell off, Bitcoin should crash and investors will flock to traditional safe-haven assets like gold.

Easing tensions in the Middle East and a weaker U.S. dollar helped drive up spot gold prices on Thursday. The metal gained 0.9% to $4,473 an ounce, while gold futures for August 2026 deliveries rose 0.7% to $4,497.6 an ounce.

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