Bitcoin
Peter Schiff Has Bad News for Bitcoin ETF Investors
Dan Burgin
Peter Schiff shares another warning about the future of Bitcoin
Read U.TODAY at
Google News
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 by more than 15% as the second quarter draws to a close, 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%.
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
Dan Burgin
Dan is an editor and news writer with 12 years of experience in finance and emerging technologies, with a strong focus on cryptography. 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.