Peter Schiff Chides Bitcoin (BTC) As Gold Hits New ATH

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As a seasoned economist and researcher with over two decades of experience in the financial markets, I have witnessed numerous trends come and go. Peter Schiff’s latest commentary on Bitcoin versus Gold has once again piqued my interest.

As a analyst, I’d put it this way: Once more, Europac‘s Chief Economist and Global Strategist Peter Schiff expresses his bearish sentiment towards Bitcoin (BTC). Similar to last week’s assessment, Schiff draws parallels between the future prospects of Bitcoin and gold.

Schiff Gloats Over Bitcoin Fall Amid Gold Rally

As a researcher studying the debate between Bitcoin and gold, I’ve noticed that this discussion has been ongoing for over a decade. Recently, I came across an intriguing development: the price of gold reached a new peak, causing its market value to surge by approximately $25.

The traditional asset is currently valued just under $2,450, but supporters of gold are convinced that it will soon surpass $2,500. Immediately following this statement, Schiff criticized Bitcoin, pointing out that it has dropped approximately 30% from its 2021 peak price.

As a researcher studying the current trends in the financial markets, I’ve noticed an intriguing development: Gold has reached yet another all-time high, surpassing $2,450 per ounce. It’s only a stone’s throw away from breaching the $2,500 mark. On the other hand, when we examine Bitcoin in terms of its price relative to gold, it appears that the digital currency has plunged by approximately 30% since attaining its record high almost three years ago. This shift might serve as a wake-up call for those holding on to their Bitcoin investments during this bear market.

— Peter Schiff (@PeterSchiff) July 16, 2024

According to his custom, the economist warned investors about a potential bear market for Bitcoin based on his latest analysis. In effect, his post implied that he was urging this particular group of investors to sell their holdings. However, his negative remarks about Bitcoin no longer have the same impact on crypto supporters as they used to.

In line with Schiff’s observation, Bitcoin’s price has displayed a noticeable decline throughout its history. The past two weeks have been particularly challenging for Bitcoin as it gave back a substantial portion of the gains it had achieved following the SEC’s approval of spot Bitcoin ETFs in the United States.

Bitcoin Price Dip Amidst Large Offloads

Around mid-March, Bitcoin (BTC) reached its peak price of over $73,000, turning many investors into millionaires almost overnight. However, their joy was short-lived as the coin started to decline, finding some support around $65,000 by the end of May. The downtrend continued in June, making it a struggle for Bitcoin to stay above the $60,000 mark. By the beginning of July, the coin experienced another significant drop and traded as low as $52,000.

As a crypto investor, I’d like to point out an interesting observation: Around the same period, there were notable sell-offs of Bitcoin by dormant whales, the German government, and more recently Mt.Gox. However, in the past few days, Bitcoin has shown signs of recovery, and it may even surpass the bearish predictions of skeptics like renowned Gold bulls. Currently, the price of Bitcoin sits at $64,571.30, representing a 2.29% increase within the last 24 hours.

According to Peter Schiff, Bitcoin whales may be selling their Bitcoins in large quantities to prepare ETF investors for taking on the role of “bag holders” in the event that an ETF is approved.

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2024-07-16 19:10