Bitcoin Soars to $70K While Gold Also Hits New High; Debate Continues Over Crypto as Store of Value

Bitcoin hit a new all-time high price of $70,000 in March, surpassing its previous record from November 2021.

Gold also reached a new peak price, hitting $2,145.37, its highest level since December 2021.

Economist Peter Schiff doubted Bitcoin's ability to replace gold as the "ultimate store of value," noting Bitcoin still lags gold in terms of Bitcoin-to-gold ratio.

Bitcoin saw huge gains in 2023, up 155%, and continued surging in early 2024, adding another 67% to start the year.

Despite Schiff's skepticism, some analysts remain bullish on Bitcoin, with one expecting it could top $100,000 by end of 2024, partially driven by the upcoming Bitcoin halving event.