As a researcher with experience in the financial markets and a particular interest in digital currencies, I have closely followed the ongoing debate between gold and Bitcoin as safe-haven assets. While both assets serve different purposes, their performance during Q2 2024 has been an intriguing comparison.
As a researcher studying the investing world, I’d like to share an observation from renowned investor and financial commentator Peter Schiff. Known for his skepticism towards Bitcoin, Schiff has recently criticized the cryptocurrency following its disappointing performance in Q2 compared to gold.
Schiff reports that Bitcoin’s value has decreased by more than 15% as it nears the close of Q2, contrastingly, gold experienced a 4% increase in value over the same timeframe.
At the close of Q2, gold registered a 4% increase in value. On the other hand, bitcoin, which has two trading days left, currently shows a loss of more than 15%. Consequently, individuals who exchanged gold ETFs for Bitcoin ETFs toward the end of the first quarter now face a 20% decrease in their investments. Unfortunately, this trend may worsen further.
— Peter Schiff (@PeterSchiff) June 28, 2024
Due to this difference, Schiff has warned investors who have recently moved their funds from gold ETFs to Bitcoin ETFs. He believes they have suffered a loss of approximately 20%, and he anticipates that things may worsen.
The price of Bitcoin has dipped significantly over the past few days, falling from around $71,000 to roughly $60,800 – representing a substantial decrease of over 14%.
Bitcoin‘s price experienced a significant surge earlier in the year, increasing almost fivefold from its January 2023 nadir to reach a new peak above $73,500 in mid-March. Although there has been a correction since then, some market experts view this dip as merely a part of an ongoing bull market.
According to Julio Moreno from CryptoQuant, there has been a decline in the demand for Bitcoin over the past month, as indicated by a drop of approximately 23,000 coins. This observation is believed to be connected to the ongoing price adjustment in the market.
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2024-06-29 12:48