U.Today – Investor and financial commentator Peter Schiff, known for his critical approach to Bitcoin, once again expressed his critical opinion on Bitcoin, highlighting its penniless performance in Q2 compared to gold.
According to Schiff, Bitcoin’s value fell by more than 15% as the end of the second quarter approached, while gold saw a 4% gain over the same period.
This disparity led Schiff to warn investors who may have switched from gold-backed ETFs to bitcoin-based ETFs, stating that they are now 20% worse off and predicting that the situation could get even worse.
Bitcoin’s recent price movements see it drop from just under $71,000 to around $60,800, a drop of over 14%.
The drop comes after a significant rally earlier in the year, when Bitcoin’s price surged nearly fivefold from its January 2023 low to a up-to-date all-time high above $73,500 in mid-March. Despite that correction, some analysts see it as part of a larger bull run.
Julio Moreno of CryptoQuant has noticed a drop in demand for Bitcoin, with a reduction of 23,000 Bitcoins in the last 30 days, which he attributes to the current price correction.
