Gold investors are taking jabs at Bitcoin in light of the precious metal's latest record-breaking surge.

With spot gold prices hitting an unprecedented high, traditional gold enthusiasts are once again directing criticism towards the digital currency.

On April 3rd, gold soared to a historic peak of $2,304 per ounce, marking an impressive 11.5% year-to-date increase for the typically steady asset, as reported by the American Hartford Gold Group.

The surge in gold prices, starting from mid-February and peaking in late March above $2,200, has been attributed to global tensions, uncertainty surrounding potential interest rate adjustments, and movements towards de-dollarization, according to Nanette Abuhoff Jacobson, an investment strategist at Hartford Funds, in an interview with MarketWatch.

While Bitcoin is often hailed as "digital gold," the monumental rise in actual gold prices has reignited mockery from both gold enthusiasts and Bitcoin critics alike.

Peter Schiff, a prominent gold advocate and detractor of Bitcoin, pointed out in an April 3rd post that during the second quarter of 2024, Bitcoin had dipped by 7%, while silver and gold saw respective gains of 8.7% and 3.4%. However, Bitcoin's year-to-date surge of 55% significantly outpaced gold's gains by a factor of five over the same period.

Schiff further urged followers to consider selling their Bitcoin and investing in gold and silver, suggesting it could be a prime opportunity before potential market shifts.

However, some observers noted the irony in Schiff's remarks. Crypto trader "Quasar" highlighted the impatience associated with waiting for gold's gradual appreciation, contrasting it with the faster-paced movements in the cryptocurrency market.

Additionally, Charlie Morris, an analyst and researcher, took a swipe at Bitcoin's energy consumption compared to gold mining, but environmentalist and Bitcoin researcher Daniel Batten emphasized the environmental impact of traditional gold extraction.

Amidst the debate, Brady Swenson, co-founder of Swan, questioned the understanding of gold mining processes among gold enthusiasts.

Interestingly, while traditional gold-tracking exchange-traded funds (ETFs) experienced significant outflows earlier in the year, Bitcoin funds saw substantial inflows during the same period, indicating shifting investor preferences.