Europac Chief Economist and Global Strategist Peter Schiff is out again with his pessimism about the future of Bitcoin (BTC). Just like he did last week, Schiff is comparing the outlook of the flagship cryptocurrency BTC with that of gold.
Schiff Gloats Over Bitcoin Fall Amid Gold Rally
The Bitcoin versus Gold argument is already more than a decade long. Schiff noted that gold had recently hit a new high which increased its market value by $25.
As a result, the traditional asset is now trading at a little under $2,450 but the gold proponent believes that it is only a matter of time before gold crosses over $2,500. Straight away, Schiff took a jab at Bitcoin, citing that the coin has lost 30% of its 2021 record high.
#Gold just hit another record high. It’s up over $25, trading just below $2,450. It won’t be long before it breaks above $2,500. In contrast, priced in gold, #Bitcoin is down 30% from its 2021 record high almost three years ago. Wake up and smell the bear market #HODLers.
— Peter Schiff (@PeterSchiff) July 16, 2024
As is his tradition, the economist called the attention of investors to a possible bear market for Bitcoin. His X post suggests that he was asking this set of investors to exit their positions. Unfortunately, his anti-Bitcoin statements and insinuations do not bother many crypto enthusiasts as before.
True to Schiff’s statement, BTC price has seen a significant downtrend over time. The last two weeks have been more stressful on the flagship digital asset as it lost a huge percentage of the gains it secured after the United States Securities and Exchange Commission greenlighted spot Bitcoin ETFs.
Bitcoin Price Dip Amidst Large Offloads
In mid-March, BTC registered an All-Time High (ATH) of more than $73,000, making many investors millionaires in a short time. However, this win was short-lived as the coin began to drop gradually until it found support at around $65,000. June came with a bigger downtrend. This time, Bitcoin struggled to stay above $60,000. By the first week of July, the coin plunged further down and traded for as low as $52,000.
It is worth noting that this came around the time when there were several offloads of BTC by dormant whales, the German government, and more recently Mt.Gox. In the last few days, Bitcoin has recovered slightly and may even extend its price rally beyond the expectations of pessimists like the Gold bull. At the time of this writing, BTC price traded at $64,571.30, corresponding to a 2.29% surge within the last 24 hours.
Meanwhile, Peter Schiff believes that the numerous Bitcoin holding offloads are part of Bitcoin whales’ setting up Bitcoin ETF investors to be the bag holders.
Read More: Solana & Tether Boosts Paradigm-Backed Jambo’s Expansion Plan
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
