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.
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.
Alex DovbnyaJulio 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.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Vladislav Sopov