2024

Bitcoin ETF

Bitcoin

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Investor and financial commentator Peter Schiff, known for his critical stance on Bitcoin, has once again voiced a critical opinion on Bitcoin, highlighting its poor performance in Q2 compared to gold.
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.&nbsp;
<blockquote>
 <a href="https://twitter.com/hashtag/Gold?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Gold</a> closed Q2 with a 4% gain. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> still has two more days left to trade, but as of now it's down over 15%. Investors who sold gold ETFs at the end of Q1 to buy Bitcoin ETFs are 20% worse off. The bad news for those investors is that it will likely get much worse from here.— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1806782218301521930?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 28, 2024</a>
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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.&nbsp; <img data-entity-type="file" data-entity-uuid="8025bbb2-8345-4647-b769-118bf4bb7c76" src="https://u.today/sites/default/files/inline-images/BTC_1D_graph_coinmarketcap%20%287%29.jpeg">Source: CoinMarketCap 
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&nbsp;<a href="https://x.com/jjcmoreno/status/1806707556368200074/photo/1" rel="noopener noreferrer nofollow">has noted</a> 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.

Peter Schiff Has Some Bad News for Bitcoin ETF Investors

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