According to U.Today, investor and financial commentator Peter Schiff has once again criticized Bitcoin, pointing out its underperformance in Q2 compared to gold. Schiff noted that Bitcoin's value has fallen by over 15% as Q2 draws to a close, while gold has recorded a 4% gain during the same period. This disparity has led Schiff to warn investors who may have transitioned from gold ETFs to Bitcoin ETFs, stating that they are now 20% worse off and suggesting that the situation could worsen.
Bitcoin's recent price movements indicate a drop from just under $71,000 to approximately $60,800, marking a more than 14% decrease. This decline follows a significant rise earlier in the year, where Bitcoin surged nearly fivefold from its January 2023 lows to a new all-time high above $73,500 in mid-March. Despite this correction, some analysts view it as part of a larger bull market.
Julio Moreno from CryptoQuant has observed a decrease in Bitcoin demand, with a reduction of 23,000 Bitcoins in the past 30 days, which he associates with the current price correction. Schiff's comments and Moreno's observations highlight the volatile nature of Bitcoin and the potential risks for investors who switch from traditional assets like gold to cryptocurrencies.