Peter Schiff Has Some Bad News for Bitcoin ETF Investors
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Jun 29 2024- Peter Schiff's Criticism: Peter Schiff, a known critic of Bitcoin, highlighted the poor performance of Bitcoin in Q2 compared to gold, with Bitcoin dropping over 15% while gold gained 4%.
- Investor Caution: Schiff cautioned investors who shifted from gold ETFs to Bitcoin ETFs, stating they are now 20% worse off and predicting a further deterioration in the situation.
- Bitcoin Price Movement: Bitcoin's price dropped from nearly $71,000 to around $60,800, marking a more than 14% decline recently.
- Analysts' Views: Despite the recent correction, some analysts view it as part of a larger bull market, with Julio Moreno from CryptoQuant noting a decrease in Bitcoin demand linked to the current price correction.
- Bitcoin's Performance: Bitcoin had a significant rise earlier in the year, reaching a new all-time high above $73,500 in mid-March after soaring nearly fivefold from its January 2023 lows.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
