Source: Cointelegraph Original: "{title}"
As gold prices break through $3,500 to set a new high, renowned gold supporter and Bitcoin (BTC) critic Peter Schiff claims that this precious metal is money, sparking strong opposition from the cryptocurrency community.
"Gold is not just a commodity; it is money," Schiff stated on the X platform after gold prices briefly surpassed $3,500 on April 22.
While praising gold, Schiff issued a warning about the economic situation, emphasizing that the unusual surge in gold over the past few weeks has negative implications for the dollar.
"This marks the end of the dollar's dominance. The lives of Americans will undergo unimaginable changes," he stated.
According to TradingView data, at the time Schiff made the above comments, gold futures prices soared to a historic high of $3,500 on April 22, while spot gold reached $3,498 on Tuesday, still short of this milestone.
Since the beginning of 2025, the value of spot gold has risen by 31.6%, with an increase of over 44% in the past year.
According to TradingView data, the dollar has shown a significant decline this year, with the dollar index (DXY) dropping over 9% in 2025.
Schiff's views on the dollar's status amid the rise in gold have garnered attention on social media, but many commentators question whether the term "money" applies to gold.
Some members of the cryptocurrency community specifically pointed out that gold cannot serve as a viable means of payment, which is one of the four fundamental functions of money.
Cryptocurrency supporter Mike Alfred responded to Schiff's post on X, saying, "This morning I paid for a small piece of gold at Starbucks. They accepted this payment method. It was the first time." He used this to mock the fact that gold is rarely used as a payment method.
Many netizens emphasized that, unlike gold, cryptocurrencies like Bitcoin (BTC) can fulfill payment purposes.
"I paid for my haircut with Bitcoin last week," one commenter stated, adding:
As gold continues to rise, the narrative battle between gold and "digital gold" Bitcoin intensifies. According to Bitcoin bull and ARK Invest founder Cathie Wood, Bitcoin is a "grander concept than gold," with the potential to benefit from the $23 trillion gold market.
There are also those who believe that gold and Bitcoin should not be viewed as competitors, as these two assets are fundamentally different and serve different missions.
Related: De-dollarization accelerates: Gold surges, Bitcoin (BTC) rebounds, and the People's Bank of China increases its allocation to safe-haven assets.
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