Gold advocate and economist Peter Schiff has drawn attention to the recent drop in bitcoin’s value, stating that the cryptocurrency is now “back in official bear market territory.” He has predicted that the price of bitcoin will continue to decline before Mt. Gox creditors start receiving their crypto payouts next month.
Schiff, who is known for his skepticism towards bitcoin, used the social media platform X to discuss the recent decline in the price of BTC. He pointed out that the cryptocurrency briefly fell below $59K and emphasized that it is now down over 20% from its all-time high, indicating a bear market. He also highlighted that when priced in gold, bitcoin is down over 30%, suggesting that the bear market is just beginning.
Additionally, Schiff raised concerns about the potential impact of Mt. Gox creditors receiving their bitcoin, as distributions are set to begin in July. He suggested that the price of bitcoin may drop even further before the Mt. Gox bitcoin enters the market.
In a separate post on X, Schiff commented on spot bitcoin exchange-traded funds (ETFs), noting that despite buying from 11 spot bitcoin ETFs, the price of bitcoin has decreased by 14%. He highlighted that during the same period, the price of gold has increased by 10%, indicating potential losses for those who shifted their funds from gold ETFs to bitcoin ETFs.
Schiff has consistently made bold predictions about the future of bitcoin, including warning about the potential impact of spot ethereum ETFs on bitcoin’s market dominance and declaring that the bitcoin trend is over. He has repeatedly expressed his belief that bitcoin is a “gigantic bubble.”
What are your thoughts on Peter Schiff’s warnings about bitcoin? Do you believe that the price of BTC will drop significantly before Mt. Gox’s distribution? Share your opinions in the comments section below.
