Gold, Silver, Nasdaq at ATH: Why Isn’t Bitcoin Price?

Key Takeaways

• Bitcoin price consolidates despite Gold, silver, and the Nasdaq hitting all-time highs.
• Unlike centuries-old precious metals, BTC USD remains untested in uncertain macro conditions.
• Despite gold leading the pack, $1,000 invested in gold 13 years ago would have returned $1,805, compared to Bitcoin at over $84 million

Gold, silver, and the Nasdaq are on fire. All three keep breaking all-time highs this September.

Gold has climbed past $3,680 per ounce, shattering its inflation-adjusted 1980 record. Silver followed, hitting $43, its highest price since 2011.

Besides, the tech-savvy index, Nasdaq, and S&P 500 are also breaking records. Yet the Bitcoin price isn’t joining the party.

BTC USD is still lagging its all-time high set earlier this summer, and was trading about 13% below peak levels at the time of writing.

This has some people puzzled and asking, amid such favorable macro conditions, when will there be a new Bitcoin all-time high? As a renowned macro economist, investor, and Bitcoin critic, Peter Schiff, questioned:

“Gold, silver, miners, and the NASDAQ keep hitting new highs almost daily. They did so again today. Yet Bitcoin hasn’t made a new high in a month. Why is that?”

Is the September Slump to Blame for the Bitcoin Price?

September is historically a tough month for Bitcoin price. Since 2013, BTC USD has almost always posted a pullback in September.

Many investors use this month to rebalance, take profits, or harvest tax losses, creating extra selling pressure and holding Bitcoin back.

Despite robust US Spot Bitcoin ETF inflows this month, August saw record-breaking outflows, pulling about $751 million from the market.

This reduced momentum has led to some softness in BTC price.

Gold and Silver: Tried and True

Gold and silver aren’t dependent on crypto hype or Bitcoin price. They’re established safe havens, tested by wars, recessions, and global uncertainty for centuries.

When inflation rises or central banks flip the script, investors flock to metals.

This year, central banks have been buying gold aggressively. Industrial demand and ETF inflows sent silver to new records, too.

Even when stocks or Bitcoin price wobble, the precious metals keep marching higher.

Magnificent 7 vs Bitcoin Price: Michael Saylor’s Take

Strategy CEO Michael Saylor, one of the renowned Bitcoin bulls, stated:

“Bitcoin is more interesting than the Magnificent 7.”

Here, Michael Saylor is referring to the biggest U.S. tech names: Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla.

Over the past 12 months, Bitcoin price and open interest have outpaced these giants in investor engagement and raw returns.

That’s something Wall Street can’t ignore, even if we’re not witnessing a BTC USD all-time high right now.

But for gold, the story is different. Despite record prices and a roughly 50% return for gold investors over the last year, the Bitcoin price still had bigger swings in both directions.

Zooming out further, the comparison is even more striking. As Simply Bitcoin put it, $1,000 invested in gold 13 years ago would have earned you $1,805.

On the other hand, the same amount invested in BTC USD would have reached a whopping $84,600,000 today.

Bitcoin Price Remains Untested by Global Stress

Is Bitcoin’s trouble just a September blip? Maybe. But there’s another layer.

Gold and silver have centuries of proven durability. Every crisis, every bear market, they bounce back.

BTC USD, despite its explosive climbs and digital scarcity, hasn’t faced true global instability. Investors treat Bitcoin as “digital gold,” but not everyone is convinced. Its reaction to inflation, war, and economic shocks is still a work in progress.

Institutional adoption of Bitcoin surged with ETF approvals, but skeptical investors still see it as risky.

Regulations, hacks, and changing sentiment can cause sharp price drops in the Bitcoin price overnight, while metals don’t suffer from protocol upgrades or rug pulls.

Will BTC USD Catch Up?

With a dovish Fed on the horizon and a risk appetite rise post-September, Bitcoin price could certainly rally into Q4.

Some even expect a new all-time high before year-end if macro conditions stay loose. Technical factors and ETF rebalances matter, but broader acceptance takes time.

For now, the traditional assets have the edge. Gold is up 40% year-to-date; silver gained nearly as much.

Nasdaq tech stocks are soaring. Bitcoin price, while still outperforming many stocks over a year, hasn’t proven it can stick the landing when uncertainty peaks.

For now, gold, silver, and the Nasdaq are crushing it. Bitcoin? Still waiting for its moment.