Peter Schiff, a financial commentator and investor who is renowned for his critical position on Bitcoin, has once again expressed his dissatisfaction with the cryptocurrency, emphasizing its subpar performance in Q2 in comparison to gold.
Bitcoin’s value has declined by more than 15% as the end of Q2 approaches, while gold has experienced a 4% increase during the same period, according to Schiff.
Schiff has issued a warning to investors who may have transitioned from gold ETFs to Bitcoin ETFs, asserting that they are now 20% worse off and predicting that the situation may worsen.
Bitcoin’s recent shifts in value indicate a decrease from just under $71,000 to approximately $60,800, which represents a decrease of over 14%.
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This decline comes after a significant increase in the previous quarter of the year, during which Bitcoin experienced a nearly fivefold increase from its January 2023 lows to a new all-time high above $73,500 in mid-March. Some analysts regard this correction as a component of a broader bull market, despite its existence.
Julio Moreno of CryptoQuant has observed a decrease in Bitcoin demand, with a decrease of 23,000 Bitcoins in the past 30 days. He attributes this decline to the current price correction.
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