Popular trader Peter Brandt announced the milestone on X, stating that it now takes 40 ounces of gold to purchase one Bitcoin.
Jerome Powell has stated that Bitcoin serves as a speculative asset akin to gold, while dismissing its potential to rival the U.S. dollar.
Bitcoin has been mischaracterized as a "risk-on" asset, according to Robbie Mitchnick, BlackRock's head of digital assets.
Bitcoin experienced a sharp 5% drop, triggering a debate between well-known Bitcoin critic Peter Schiff and veteran trader Peter Brandt.
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