‘Wait Until Stock Market Opens’: Peter Schiff Gives Rare Bitcoin ETF Advice

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As a seasoned financial analyst with over two decades of experience in the markets, I find myself cautiously watching the recent fluctuations in Bitcoin (BTC). With its 13.9% drop within the last 24 hours and a current trading price of $52,800, it’s hard not to feel a sense of deja vu, reminiscent of the dot-com bubble days I witnessed firsthand.

Over the past day, Bitcoin (BTC) has experienced a significant decrease of nearly 13.9%, with its current value being around $52,800. It even dropped to about $49,000 on Binance‘s spot market. This sudden drop is quite noticeable given that only a week ago, Bitcoin was worth more than $70,000.

Indeed, the recent turbulence in the crypto market has undeniably stirred skepticism among many, with Peter Schiff being one of the most outspoken critics. In a series of posts, he underscored the gravity of the situation by highlighting that Bitcoin had plunged below its March lows.

#Bitcoin has dipped below $50,000, marking a 22% decrease since the close of the U.S. stock market on Friday. This drop represents a 45% decline when measured against gold’s value at its November 2021 high nearly three years ago. Despite briefly moving above $50,000 again, it is advisable to watch closely as the stock market reopens and ETF holders can start selling their positions.

— Peter Schiff (@PeterSchiff) August 5, 2024

He stated that the present values represent a 20% decrease compared to how Bitcoin ETFs were trading on Friday, when they concluded. He referred to it as “Crypto Black Monday” and implied that there might still be more downturn to follow.

Gold 2.0?

Schiff pointed out that since hitting its highest point in November 2021, Bitcoin’s value has dropped by about 45% when compared to its price-to-gold ratio. Despite briefly surpassing $50,000, Schiff suggests holding off on trading until the stock market reopens so that ETF holders can finally unload their cryptocurrency.

Peter Schiff is as bearish as ever on Bitcoin and favors gold. Interestingly, however, a similar sentiment is seen in the forecasts of another well-known financial expert named Peter – Peter Brandt. Thus, as reported by U.Today, the popular trader anticipates a 39% drop in the value of BTC to gold in the foreseeable future.

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2024-08-05 13:03