According to Schiff, Bitcoin’s value has dropped over 15% as it approaches the end of Q2, while gold has seen a 4% gain during the same period.
This disparity has led Schiff to caution investors who might have shifted from gold ETFs to Bitcoin ETFs, stating that they are now 20% worse off and predicting that the situation could deteriorate further.
Bitcoin’s recent price movements show a decline from just under $71,000 to approximately $60,800, marking a more than 14% drop.
This dip follows a substantial rise earlier in the year, where Bitcoin soared nearly fivefold from its January 2023 lows to a new all-time high above $73,500 in mid-March. Despite this correction, some analysts consider it part of a larger bull market.
Julio Moreno from CryptoQuant has noted a decrease in Bitcoin demand, with a reduction of 23,000 Bitcoins in the past 30 days, which he links to the current price correction.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
