USA Today – Peter Schiff, an investor and financial commentator known for his critical stance, has once again expressed his criticism of Bitcoin, highlighting its poor performance in the second quarter compared to gold.
Schiff said that as the end of the second quarter approaches, the value of Bitcoin has fallen by more than 15%, while gold has gained 4% during the same period.
This discrepancy led Schiff to warn investors who might switch from gold ETFs to Bitcoin ETFs, saying their situation is now 20% worse and predicting that the situation may worsen further.
Bitcoin’s recent price action shows a drop of more than 14% from just under $71,000 to about $60,800.
The decline follows a sharp rally earlier this year, when Bitcoin soared nearly fivefold from its January 2023 lows and hit an all-time high above $73,500 in mid-March. Despite this correction, some analysts believe it’s part of a larger bull market.
Julio Moreno of CryptoQuant noticed a drop in demand for Bitcoin, with a loss of 23,000 BTC in the past 30 days, which he linked to the current price correction.
This article was originally published in U.Today
