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Prominent bitcoin critic and critic Peter Schiff has taken another stab at the world's top cryptocurrency today, claiming the digital asset is in a “beating market” – especially compared to gold.
“Bitcoin is trading below 27 ounces of gold. [and] Gold is now down more than 27 percent since hitting a record high of 37 ounces 2.5 years ago. “Given all the talk about Bitcoin and the lack of a gold lining, few people realize that Bitcoin is in an underground bear market when traded for real money.”
“Real money” is measured by the purchasing power of a currency or asset. Schiff elaborated further on his podcast on Monday.
“The price of Bitcoin has dropped to 18.6 ounces of gold – the peak was 27 two and a half years ago – so we are entering bear market territory,” he said. “None of these Bitcoiners want to admit this, despite all the noise, ETFs, this huge rally, Bitcoin has not made a new high in real money… and it may never happen.”
of The price of Bitcoin According to CoinGecko, at the time of writing it is $63,660. It has stayed above $60,000 since late February, when crypto market watchers declared a fresh bull market, but it has not visited the $73,000 high it reached in March. It is over 43% to date.
Gold prices, meanwhile, are up 17% this year through 2024 and hit new all-time highs after four straight weeks of gains.
Schiff famously said in August 2019 that “Bitcoin will never hit $50k.” Six months later, the price of BTC fell below $7,000, and less than two years later, it was proven wrong. Later.
Schiff seems to relish his role as Bitcoin gadfly and eternal gold advocate, eagerly wading into public debates about which is the smartest investment. After an argument with entrepreneur and investor Anthony Pompliano, Bitcoin enthusiasts poured BTC into Schiff's digital wallet. But he lost it less than a year later.
When Schiff revealed in August 2020 that his son Spencer had gotten into crypto, he encouraged BTC fans to be equally generous. He also posted a public comment contradicting his investment credentials as an “18-year-old college freshman who has never had a job.”
The boy won the vote.
A year ago, as artificial intelligence exploded across industries, Schiff asked ChatGPT which was the best investment. The yellow metal won.
“AI is so smart after all,” he tweeted at the time. “I do not recommend any allocation for Bitcoin.”
With Bitcoin expected to halve later this week, crypto market watchers and institutional investors are eagerly anticipating the impact on BTC price. It has historically risen to the top—but only after a steep descent.
Edited by Stacy Elliott.
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