Bitcoin
Peter Schiff Has Bad News for Bitcoin ETF Investors
And Burgin
Peter Schiff Shares Another Warning About Bitcoin’s Future
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Investor and financial commentator Peter Schiff, known for his critical stance towards Bitcoin, has once again expressed a critical opinion about 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 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 approximately $60,800, marking a decline of over 14%.
Source: CoinMarketCap
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 this to be part of a larger bull market.
Julio Moreno from CryptoQuant noticed a decrease in demand for Bitcoin, with a reduction of 23 thousand Bitcoins in the last 30 days, which he links to the current price correction.
About the author
And Burgin
Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto. Covering a wide spectrum of topics, from fintech startups to AI, it provides an in-depth overview of the current state of the crypto market, along with insights into its potential for future disruption.