The price of bitcoin fell by 4.12% in the last 24 hours, while the price of gold reached a record $3,080.
Economist Peter Schiff sees gold's rise as validation and proof of his argument against Bitcoin.
Schiff criticized GameStop for their Bitcoin investment and claims investors who don't view Bitcoin as a sustainable long-term investment have started to sell.
Gold's increase is attributed to the weakening dollar and concerns about inflation exceeding the Federal Reserve's objective.