PANews reported on May 5 that Peter Schiff, a long-time advocate of gold and economist, recently posted on the social platform X, reiterating his view that Bitcoin is not "digital gold."

Schiff pointed out that in the recent market context of the decline in both U.S. stock index futures and the U.S. dollar index, the price trends of gold and Bitcoin showed a completely opposite trend. He said that the price of gold rose by about 1%, behaving like a safe-haven asset; while the price of Bitcoin fell by about 2%, and its trading pattern was more like a risk asset.

Based on this market performance, Schiff commented: “Obviously, Bitcoin is not digital gold.