Bob Elliott was alarmed by the weekend crash in the value of the leading cryptocurrency due to Iran’s attacks on Israel using missiles and drones. On Saturday, Bitcoin lost 7.5% of its value, dropping from $67,000 to $62,000. The businessman compared Bitcoin to the stablecoin PAX Gold (PAXG), which is backed by gold and reached a record high of $2,855 after the Iran attacks.
Similar results were demonstrated by BTC immediately after the October attack by the Hamas terrorist group on Israel. In such cases, gold tends to rise, but Bitcoin shows precisely opposite results, emphasized the expert.
Gold advocate Peter Schiff holds a similar view. The seasoned investor previously referred to Bitcoin as a ‘cheap imitation of gold.’ However, Michael Saylor, co-founder of MicroStrategy and a notable Bitcoin advocate, is confident that over time, Bitcoin will ‘eat gold.