On December 22, Peter Schiff, a well-known critic of Bitcoin, celebrated gold surpassing a record price of $4,400 and posed a striking question to his followers.

In a poll, he inquired which would occur first: gold reaching $5,000 or Bitcoin’s price plummeting to $50,000. This question reignites the long-standing rivalry between gold advocates and digital currency supporters.

Gold’s Record Rally Sparks Bitcoin Discussion

In a post on X, Schiff remarked on gold’s breakout from recent stagnation and asked his followers to vote on whether gold would hit $5,000, silver would reach $100, or Bitcoin would drop to $50,000. At the time of writing, over 6,600 participants voted: 43.4% for gold, 37.4% for silver, and only 19.2% anticipating a Bitcoin decline to $50K.

Earlier, Schiff had mentioned that gold increased by $40 overnight, while silver peaked at $68.50. He suggested that many investors still misunderstand the implications of these price levels on traditional value stores.

Schiff’s assertions align with a recent warning he issued that Bitcoin might lose ground against physical metals during a dollar crisis. However, his critical viewpoint does not sit well with everyone. On-chain analyst Erik Huisman contended that the prospect of Bitcoin returning to $50,000 is unrealistic, only considering a $100,000 BTC option for his vote.

Several commentators also deliberated the mathematics underpinning this debate, noting that gold needs to rise roughly 14% to hit $5,000, while silver would have to escalate 45% to reach $100.

User Hassan Al-Shama expressed that gold has the most straightforward path, while Bitcoin would face over a 40% downturn to revisit $50,000.

Bitcoin Price Stability Amidst Optimism

Presently, Bitcoin is trading around $90,000, marking a nearly 1% daily increase yet slightly down for the week. Over the last 30 days, the asset has climbed about 7%, albeit remaining 29% below its historical peak of over $126,000 set in October.

Short-term price movements have been narrow, with BTC fluctuating between $88,000 and $90,000 in the past 24 hours, reflecting more caution than panic.

While Schiff advocates for physical metals winning investors’ confidence, others maintain faith that Bitcoin will follow gold’s pattern of growth. Trader Ash Crypto asserted that Bitcoin tends to rise after gold sets new record prices, while Daniel Tschinkel believes liquidity conditions and institutional inflows will influence the pace of future developments.

This clash echoes the recent debate between Schiff and Binance founder Changpeng Zhao in Dubai, where public sentiment leaned toward Bitcoin despite Schiff’s critique.