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 , 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 prompted 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 drop 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 this to be part of a larger bull market.
CryptoQuant’s Julio Moreno noted a decrease in demand for Bitcoin, with a reduction of 23,000 Bitcoins in the last 30 days, which he links to the current price correction.