Bitcoin

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Bitcoin critic and economist Peter Schiff, a long-term crypto critic, advises investors to sell Bitcoin as it plunges below “25 ounces” of gold during the recent correction. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 Despite all the hype around the <a href="https://twitter.com/hashtag/BitcoinETFs?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#BitcoinETFs</a>, Bitcoin is clearly in a bear market. It's down 23% in dollars, but 33% priced in <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#gold</a>, with one <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#Bitcoin</a> now worth fewer than 25 ounces. Here's the updated chart I've been posting. Turn out the lights <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#HODLers</a>, the party is over. <a href="https://t.co/tebMsUSIrs" target="_blank" data-wpel-link="external">pic.twitter.com/tebMsUSIrs</a>— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1785703950030626987?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">May 1, 2024</a>
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While the Bitcoin ETFs are the buzz of the day, Schiff noted that its value is down by 23% in dollars and 33% in gold terms.&nbsp; Schiff said that the current price is “fewer than 25 ounces”, which shows a big decrease. 
Schiff’s remarks come at a time when Bitcoin is struggling to stay above $60,000, now at $57,377.25, a 4.27% dip in 24 hours.&nbsp; Schiff continued to taunt further bearish trends by making fun of the halving event of Bitcoin and promoting gold as a better value store compared to the uncertain economy. 
Schiff’s criticism is in line with his choice of gold as a hedge against inflation instead of Bitcoin. Despite Bitcoin’s volatility, he asserts that it will go down and advises investors “to switch off the lights” on their holdings. 
Peter Schiff’s opinion on Bitcoin’s falling value and his choice of gold over cryptocurrencies shows his disbelief in cryptocurrencies as a safe investment. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/20/peter-schiff-mocks-bitcoiners-after-halving-event/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Peter Schiff Mocks “Bitcoiners” After Halving Event</a> 
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Peter Schiff Urges Sell BTC as Value Falls Below 25 Oz Gold

The Crypto Times

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