Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin ‘biggest bubble’

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 […]

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