u.today
Investor and financial commentator Peter Schiff, known for his critical stance on Bitcoin, has once again voiced a critical opinion on Bitcoin, highlighting its poor performance in Q2 compared to gold.
According to Schiff, Bitcoin's value has dropped over 15% as it approaches the end of Q2, while gold has seen a 4% gain during the same period.
#Gold closed Q2 with a 4% gain. #Bitcoin still has two more days left to trade, but as of now it's down over 15%. Investors who sold gold ETFs at the end of Q1 to buy Bitcoin ETFs are 20% worse off. The bad news for those investors is that it will likely get much worse from here.
— Peter Schiff (@PeterSchiff) June 28, 2024
This disparity has led Schiff to caution investors who might have shifted 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 more than 14% drop.
This dip 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 from CryptoQuant has noted a decrease in Bitcoin demand, with a reduction of 23,000 Bitcoins in the past 30 days, which he links to the current price correction.