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Peter Schiff has some bad news for Bitcoin ETF investors
Dan Burgin
Peter Schiff shares another warning about the future of Bitcoin
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Investor and financial commentator Peter Schiff, known for his critical stance towards Bitcoin, once again expressed a critical opinion on Bitcoin, highlighting its poor performance in the second quarter compared to gold.
According to Schiff, Bitcoin’s value fell more than 15% as the end of the second quarter approached, while gold posted a 4% gain over the same period.
This disparity prompted Schiff to warn investors who may have switched from gold ETFs to bitcoin ETFs, saying they are now 20% worse off and predicting that the situation could get even worse.
Recent price movements for Bitcoin show a drop from just under $71,000 to around $60,800, marking a decline of more than 14%.
Source: CoinMarketCap
This decline follows a substantial increase earlier in the year, when Bitcoin surged nearly fivefold from January 2023 lows to a new all-time high above $73,500 in mid-March. Despite this correction, some analysts view it as part of a broader bull market.
Julio Moreno of CryptoQuant he noticed a decline in demand for Bitcoin, with a reduction of 23,000 Bitcoin in the last 30 days, which he links to the current price correction.
About the author
Dan Burgin
Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on cryptocurrency. Covering a wide range of topics from fintech startups to artificial intelligence, he provides an in-depth overview of the current state of the cryptocurrency market, along with insights into its potential for future disruption.