U.Today – Investor and financial commentator Peter Schiff, known for his critical stance, once again expressed a critical opinion on Bitcoin, highlighting its poor performance in the second quarter compared to gold.
According to Schiff, Bitcoin’s value fell by more than 15% as it approached the end of the second quarter, while gold saw a 4% increase during the same period.
This disparity has prompted Schiff to warn investors who may have switched from gold ETFs to bitcoin ETFs, noting that they are now 20% worse off and expecting the situation to deteriorate further.
Bitcoin’s recent price action shows a decline from just under $71,000 to around $60,800, representing a decline of over 14%.
The drop comes after a massive rally earlier in the year, when Bitcoin surged nearly fivefold from its January 2023 lows to a new all-time high above $73,500 in mid-March. Despite the correction, some analysts see it as part of a larger bull market.
Julio Moreno of CryptoQuant noted a decrease in demand for Bitcoin, with a drop of 23,000 BTC in the past 30 days, which he linked to the current price correction.