Renowned trader Peter Brandt, who has been in the industry for over four decades, has predicted that the price of bitcoin will eventually reach 100 ounces of gold. Brandt highlighted the consistent gains of bitcoin against gold since its inception and supported his prediction with a chart showing the number of gold ounces required to purchase one bitcoin. He expects this ratio to remain volatile for the next 12 to 18 months before eventually reaching the 100 ounces of gold per bitcoin mark.
Using the GC_F gold futures contract traded on the COMEX exchange as a reference, Brandt shared his insights on social media platform X, stating that bitcoin has consistently gained against gold. He believes that the ratio of gold ounces to bitcoin will fluctuate for the next 12 to 18 months before ultimately increasing to 100 ounces of gold for one bitcoin.
Brandt also sought the opinion of gold advocate Peter Schiff on this projection, inviting him to share his thoughts on the matter. This isn’t the first time Brandt has engaged Schiff in a discussion about gold versus bitcoin. Schiff has consistently argued that gold has outperformed bitcoin, pointing out that it took 37 ounces of gold to buy one bitcoin on October 21, 2021, but now it only takes 29 ounces. He labeled this as an official bear market and claimed that bitcoin has underperformed gold for the past 2.5 years. Brandt, on the other hand, disagreed with Schiff’s assessment and encouraged him to consider a broader perspective when comparing gold to bitcoin.
Brandt is a vocal supporter of bitcoin and believes that it has the potential to replace fiat currency as the primary store of value. However, he recently issued a warning about the future of crypto staking, calling it the “biggest disaster yet to come in crypto.” He anticipates significant disasters, bankruptcies, and personal financial losses within the sector.
What are your thoughts on Peter Brandt’s analysis of bitcoin versus gold? Let us know in the comments section below.
