Investor and financial commentator Peter Schiff, known for his critical stance on Bitcoin, has once again voiced a critical opinion on Bitcoin, highlighting its poor performance in the second quarter compared to gold.
Investor and financial commentator Peter Schiff, known for his critical stance on Bitcoin, has once again expressed a critical opinion on Bitcoin, highlighting its poor performance in the second quarter compared to gold.
According to Schiff, Bitcoin’s value has fallen more than 15% as the second quarter draws to a close, while gold has seen a 4% gain over the same period.
This disparity has led Schiff to warn investors who may have switched from gold ETFs to Bitcoin ETFs, stating that they are now 20% worse off and predicting that the situation could deteriorate further.
Bitcoin’s recent price movements show a decline from just under $71,000 to around $60,800, marking a drop of over 14%.
The drop follows a substantial surge earlier in the year, when the price of Bitcoin rose nearly fivefold from its January 2023 lows to hit a new all-time high above $73,500 in mid-March. Despite this correction, some analysts see it as part of a broader bull market.
Alex DovbnyaJulio Moreno from CryptoQuant have you noticed a decrease in demand for Bitcoin, with a reduction of 23,000 Bitcoins in the last 30 days, which links to the current price correction.
