Peter Schiff questions the markets obsession with Bitcoin as gold hits a historic high

CoinWorld reported:
Gold prices recently surpassed the $2,630 mark, reaching an all-time high, but renowned gold advocate Peter Schiff is concerned that investors are overlooking this development.
According to him, the market’s obsession with Bitcoin (BTC) is overshadowing critical signals about the economic situation emanating from gold.
Schiff expressed dissatisfaction with the attention given to Bitcoin:
“Due to the high level of focus on Bitcoin, investors have missed out on the gains from gold and the significance of its rise,” Schiff stated.
On September 23, he added that inflation is expected to escalate due to loose monetary policies.
The leading cryptocurrency, often touted as “digital gold,” has recently seen a slight uptick. However, the veteran stockbroker remains skeptical, believing that cryptocurrencies are far from reaching their previous peaks and continue to trade within a narrow range.
Additionally, he suggested that the largest cryptocurrency inadvertently helps obscure the alleged economic strategic errors committed by the Federal Reserve. The trader remarked, “Bitcoin is the best thing that has happened to the Federal Reserve because it diverts attention from gold, which would otherwise expose their policy mistakes.”
Despite warnings from BTC critics, many in the market consider it a legitimate alternative to gold. For instance, in response to Schiff’s assertions, a cryptocurrency analyst known only as “Noodle” stated that there exists a unique “accordion-like” relationship between the two commodities. This implies that a pullback in precious metals could signal a rebound in cryptocurrencies.
Is gold a better hedge against inflation than Bitcoin?
However, cryptocurrency critics maintain that due to BTC’s volatility and speculative nature, it is not a good hedge against inflation. They noted that while gold is poised for its best performance since 1979, this crypto asset has yet to retest its previous all-time highs.
The rise in gold prices is not only attributed to the inflation created by the Federal Reserve in the past but also due to the expectation that the Federal Reserve will generate even greater inflation in the near future.
In his view, cryptocurrencies are more of a distraction than a solution. Free market advocates urge investors to pay closer attention to the historical significance of gold’s trends.
This is not Schiff’s first attempt to downplay BTC. However, the founder of Euro Pacific Capital has an inconsistent track record in predicting Bitcoin.
In May of this year, he claimed that a spot Ethereum ETF would be detrimental because investors would use their BTC allocations to purchase the ETH ETF. At that time, Bitcoin was trading above $70,000, marking a six-week high.
On another occasion, he referred to BTC as “fool’s gold,” shortly after the coin stumbled in the market, responding to geopolitical tensions between Iran and Israel.