On the X social media platform lately, Peter Schiff, known for his criticism towards cryptocurrencies, has voiced skepticism about overly optimistic forecasts for Bitcoin’s price.
A gold enthusiast expresses doubt about cryptocurrency reaching $100,000 due to the current downturn in stock markets specializing in digital currencies.
Although there’s some debate over its exact meaning, most analysts define a bear market as a significant drop of 20% or more in the value of a specific stock.
As noted by Schiff, the Coinbase (COIN) stock is down more than 21% from its recent high.
Some significant stocks connected to cryptocurrencies, including MicroStrategy (MSTR) and Galaxy Digital (GLXY), have likewise entered a bear market.
During this period, notable mining companies like Marathon Digital (MARA), Riot Platforms (RIOT), and Hive Digital (HIVE) have experienced declines of over 50% from their highest points.
According to U.Today’s report, Bitcoin miners are projected to experience significant losses, approximately totaling $10 billion, as a result of the forthcoming halving event.
Within the next few days, the reward given to miners for adding new blocks to the blockchain will be cut in half. This means that mining will become less profitable for them.
In addition, modern-day miners face stiff competition from technology giants who are pouring huge sums of money, approximately billions of dollars, into building advanced data centers as the demand for artificial intelligence soars.
Gold outperforming Bitcoin
In a different post, Schiff again challenged the “digital gold” label given to Bitcoin.
Why has gold increased by almost 2% when its digital counterpart faced a decline recently, possibly because of heightened geopolitical concerns? According to him, ETF investors should ponder this question.
“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.
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2024-04-16 12:02