ETFs
Peter Schiff Has Bad News for Bitcoin ETF Investors
U.Today – Investor and financial commentator Peter Schiff, known for his critical stance on , has 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 second quarter ended, while gold posted a 4% gain over the same period.
This disparity led Schiff to warn investors who may have switched from gold ETFs to Bitcoin ETFs, saying they are now 20% worse off and predicting that things could get even worse.
Recent Bitcoin price movements show a drop from just under $71,000 to around $60,800, a decline of over 14%.
The decline follows a substantial rally earlier this year, when bitcoin nearly quintupled from its January 2023 lows to hit a new all-time high above $73,500 in mid-March. Despite the correction, some analysts see it as part of a broader bull market.
Julio Moreno of CryptoQuant noted a decrease in demand for Bitcoin, with a reduction of 23,000 Bitcoins in the last 30 days, which he links to the current price correction.