U.Today – Investor and financial commentator Peter Schiff, known for his critical stance on , has once again voiced a critical opinion on Bitcoin, highlighting its poor performance in the second quarter compared to gold.
According to Schiff, Bitcoin's value has fallen more than 15% as the second quarter draws to a close, while gold has seen a 4% gain over the same period.
This disparity has led Schiff to warn investors who may have switched 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 around $60,800, marking a drop of over 14%.
The drop follows a substantial surge earlier in the year, when the price of Bitcoin rose nearly fivefold from its January 2023 lows to hit a new all-time high above $73,500 in mid-March. Despite this correction, some analysts see it as part of a broader bull market.
CryptoQuant's Julio Moreno has noticed a decline in demand for Bitcoin, with a reduction of 23,000 Bitcoins in the last 30 days, which he links to the current price correction.
This article was originally published on U.Today.
