In a recent post on the X social media network, cryptocurrency critic Peter Schiff has questioned bullish Bitcoin (BTC) price predictions.
The gold bug is not sure whether or not the cryptocurrency can surge to the $100,000 level given that major cryptocurrency-related stocks are now in a bear market.
Even though the definition of a bear market is somehow murky, analysts typically agree that it occurs when a certain stock experiences a 20% decline.
Alex DovbnyaAs noted by Schiff, the Coinbase (COIN) stock is down more than 21% from its recent high.
Other major cryptocurrency-related stocks, such as Microstrategy (MSTR) and Galaxy Digital (GLXY), are also in the bear market territory.
In the meantime, major mining stocks, such as Marathon Digital (MARA), Riot Platforms (RIOT) and Hive Digital (HIVE), are down more than 50% from their peak.
As reported by U.Today, Bitcoin miners are predicted to lose a whopping $10 billion due to the impact of the upcoming halving event.
In a few days from now, block rewards will be reduced in half, which will make it more challenging for miners to remain profitable.
Moreover, miners now have to compete with tech giants that are investing billions of dollars into powerful data centers due to the growing popularity of artificial intelligence.
Gold outperforming Bitcoin
In a separate post, Schiff also took another dig at the “digital gold” narrative surrounding Bitcoin.
He claims that ETF buyers should ask themselves why gold is up nearly 2% on the same day the price of its digital version took a hit due to growing geopolitical tensions.
“Maybe your thesis is wrong and you should sell your fool's gold and buy the real thing,” he added.
The price of Bitcoin is currently sitting at $63,475.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team