Gold drops to 7oz per BTC as Peter Schiff calls Bitcoin 'biggest bubble'

Bitcoin hit seven ounces of gold for the first time in over a year this week as the precious metal comes off all-time highs.

Gold hits one-year lows in BTC. Despite Bitcoin losing ground after challenging $14,000, the gains against gold remained on Thursday, as the traditional safe haven felt the pressure of Coronavirus tensions and U.S. election uncertainty.

Commenting on the latest events, quant analyst PlanB, creator of the stock-to-flow family of Bitcoin price models, called the move "Significant."

The sentiment echoed recent comments by Real Vision CEO Raoul Pal, who said that gold was "Breaking down" against Bitcoin and that other macro assets would follow.

Schiff: Bitcoin is "The biggest bubble I've seen".

Reacting to the latest price action, embattled gold bug Peter Schiff did not hold back.

"If you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the #Bitcoin bubble is the biggest I've seen," he claimed.

"Bitcoin hodlers are more confident they're right and sure they can't lose than were dotcom or house buyers during those bubbles."

Bitcoin has yet to suffer as a result of renewed uncertainty across the global economy, leading to increased claims that its correlation with traditional assets has all but disappeared.

As Cointelegraph reported, correlation between BTC/USD and the S&P 500 hit zero again this week, as Bitcoin struck out on its own in its latest gains.