U.Today – Investor and financial commentator Peter Schiff, known for his critical stance, 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 by more than 15% as it approached the end of the second quarter, while gold saw a 4% increase during the same period.
This disparity has prompted Schiff to warn investors who may have switched from gold ETFs to bitcoin ETFs, noting that they are now 20% worse off and expecting the situation to deteriorate further.
Bitcoin’s recent price action shows a decline from just under $71,000 to around $60,800, representing a decline of over 14%.
The drop comes after a massive rally earlier in the year, when Bitcoin surged nearly fivefold from its January 2023 lows to a new all-time high above $73,500 in mid-March. Despite the correction, some analysts see it as part of a larger bull market.
Julio Moreno of CryptoQuant noted a decrease in demand for Bitcoin, with a drop of 23,000 BTC in the past 30 days, which he linked to the current price correction.
The post Peter Schiff Has Some Bad News for Bitcoin ETF Investors By U.Today first appeared on Investorempires.com.