Bitcoin
Peter Schiff Has Bad News for Bitcoin ETF Investors by U.Today
U.Today – 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 it approaches the end of the second quarter, while gold has seen a 4% gain during the same period.
This disparity led Schiff to warn investors who might have swapped gold ETFs for Bitcoin ETFs, stating that they are now 20% worse off and predicting that the situation could get even worse.
Bitcoin’s recent price movements show a decline from just under $71,000 to approximately $60,800, marking a decline of over 14%.
This drop follows a substantial rise earlier in the year, where Bitcoin soared nearly fivefold from its January 2023 lows to a new all-time high above $73,500 in mid-March. Despite this correction, some analysts consider it part of a larger bull market.
Julio Moreno of CryptoQuant has noticed a drop in demand for Bitcoin, with a decrease of 23,000 Bitcoins in the last 30 days, which he attributes to the current price correction.