Bitcoin (BTC) striking almost $nine,500 on April xxx was a boon for cryptocurrency investors — only gilded bugs were left holding the buck.

As BTC/USD climbed to eight-week highs on Wednesday, the pair's already handsome twelvemonth-to-date returns began outshining its last major competitor — gold.

Schiff blames speculators every bit BTC launches

Equally Cointelegraph reported while prices aimed for $9,000, golden was yet the best bet year to date. Now, however, Bitcoin has obliterated the precious metal'due south rate of return.

Topping out at $9,440 on Thursday, BTC doubled gold's xiii.i% rate of return in less than 24 hours.

The surprising achievement ways that out of a basket of macro assets, Bitcoin is now the easy winner — stocks, golden, the dollar, and crunch-hit oil accept been left in the dust, data from monitoring resources Skew confirms.

Macro asset electric current year returns summary. Source: Skew

Reacting to events, notorious gold defender Peter Schiff was unimpressed — merely not with gold.

"Bitcoin is existence bid upward by speculators, merely like other hazard avails today," he claimed on Twitter.

#Bitcoin and #gilded accept nothing in mutual, so there is zip confusing about today'southward price movements.

A $0 prediction too far?

As Cointelegraph mentioned before on Thursday, it was the exchanges that saw volume spikes overnight, rather than speculative arenas such as Bitcoin futures, which still have lower volume than before prices crashed in March.

Schiff is well known for his doomsday Bitcoin predictions, often claiming that the market will caput to zero. Retaliating afterward his latest comments, Lightning Torch organizer Hodlonaut took him to chore.

He tweeted:

I'yard confused why you said it would drop fifty% more on March 13th, and now it'due south up 70% instead. Pls explain.

Schiff was arguably right in describing gold and Bitcoin as substantially dissimilar. At its core, Bitcoin represents absolute scarcity, something which humanity has never had before.

Every bit "The Bitcoin Standard" author Saifedean Ammous and others notation, gold is not rare at all by comparison, and its supply is regulated only past the corporeality of fourth dimension that humans can devote to mining information technology.