Peter Schiff, a long-time critic of Bitcoin, has turned to ChatGPT to support his stance that Bitcoin does not belong in the same category as gold.
In a recent post on X, Schiff stated, “It didn’t take me long to get ChatGPT to agree that Bitcoin is not digital gold, demonstrating that artificial intelligence can change its mind when confronted with logic.” His comments have reignited debates surrounding the comparison between Bitcoin and gold, with many arguing about the accuracy of AI-generated responses.
Crypto investors, however, remain divided. Some claim that AI tools, including ChatGPT, are easily manipulated to produce desired answers. One user pointed out, “AI is pretty crappy right now, Peter. It’s easy to get it to say what you want.” Meanwhile, others accuse Schiff of being indirectly obsessed with Bitcoin. In contrast, users have turned to Elon Musk’s AI, GROK, which provided a more neutral response. GROK noted that whether Bitcoin or gold is a better store of value depends on individual investment strategies, risk tolerance, and belief in digital currencies.
Weekend market overview: Bitcoin vs. gold performance
Both Bitcoin and gold have shown positive movements over the weekend. Gold rose by over 1.2% on Friday and is expected to end the week with moderate gains of 0.22%. This increase follows the release of inflation data and the Consumer Price Index (CPI) report, which helped limit the rise of the U.S. dollar. As of this writing, XAU/USD is trading at $2,656, with predictions suggesting that gold could reach $2,700. However, if the metal loses momentum, it may fall below $2,600 in the coming days.
Conversely, Bitcoin has experienced a price drop below $60,000 for the first time in three weeks. On-chain data from CoinGecko shows Bitcoin is currently trading at $62,948, marking a 3.3% increase in the past 24 hours. The recent price fluctuations have triggered market liquidations, with over 42,000 traders liquidated in the last 24 hours, amounting to $114.54 million in total losses. The most significant single liquidation was valued at $6.09 million on OKX.
Bitcoin recovery and long-term trends
Bitcoin’s recent market recovery comes after Mt. Gox delayed its repayment plans to 2025, easing investor concerns. However, the cryptocurrency has been trading sideways for nearly 200 days since its halving in April. According to Ki Young Ju, CEO of CryptoQuant, if Bitcoin fails to initiate a bull market within the next two weeks, it will mark the most extended sideways trading since a halving event.
Peter Brandt, a veteran trader, also shared his insights. He stated that Bitcoin has been trading below its all-time high of $72,000 for 30 consecutive weeks and warned that if it does not reach a new all-time high soon, it could experience a significant decline of over 75%.
Altcoins and XRP join the market recovery
While Bitcoin’s price remains critical, other cryptocurrencies also show signs of recovery. Ethereum is trading at $2,454, up 1.8% in the last 24 hours. Meanwhile, Ripple’s XRP is hovering around $0.5300 as the company filed a counter-appeal in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).