U.Today – Investor and financial analyst Peter Schiff, known for his critical stance on , has again expressed a critical view on Bitcoin, highlighting its poor performance in Q2 compared to gold.
According to Schiff, the value of Bitcoin fell more than 15% as it neared the end of Q2, while gold saw a 4% gain during the same period.
This disparity has led Schiff to warn investors that they may be moving from gold ETFs to Bitcoin ETFs, saying they are now 20% worse and predicting that the situation could worsen.
Bitcoin’s recent price movements show a drop from just under $71,000 to around $60,800, marking a decline of over 14%.
The plunge follows a big rally earlier this year, when Bitcoin nearly quintupled from its January 2023 low to an all-time high of more than $73,500 in mid-March. Despite this correction, some analysts consider it part of a major bull market.
Julio Moreno from CryptoQuant has noted the decrease in demand for Bitcoin, with a decrease of 23,000 Bitcoins in the last 30 days, which he links to the current price correction.
This article was first published on U.Today
