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Known for his critical views on cryptocurrencies, critic Peter Schiff once again made a statement to investors in the Bitcoin (BTC) ecosystem. He emphasized that investors should move away from Bitcoin because it is worth less than “25 ounces” of gold.
Schiff’s Criticism Towards Bitcoin
In a recent X post, Schiff shared a graph depicting the current state of Bitcoin’s performance since the approval of a spot ETF earlier in January. He particularly highlighted the decline in BTC price, stating that the cryptocurrency is in a bear market.
Over a few days, he had stated that BTC, the undisputed leader in market value, would not be able to hold the $60,000 support level.
Despite recent rumors surrounding Bitcoin exchange-traded funds (ETFs), Schiff notes a significant drop in Bitcoin’s value.
Reinforcing his claims with various metrics, Schiff highlighted that the leading cryptocurrency has fallen 23% in dollar terms and 33% in gold terms.
Schiff continues to emphasize the real and ongoing decrease in Bitcoin’s value, noting that its current price is worth less than 25 ounces of gold.
He insists that this price level has significantly dropped compared to what they had in the past. To Bitcoin HODLers, he continues to say, “Turn off the lights HODLers, the party is over.”
Bitcoin or Gold?
Schiff mocked investors by stating that a recent halving event caused a clear decline in the number of Bitcoin HODLers. Looking at Schiff’s post, it seems he believes the bear market for Bitcoin is far from over.
When the calendars showed the beginning of April, Bitcoin had risen over $3,000 in minutes. During this rise, Schiff commented that worse days could be ahead.
Again in this warning, Schiff compared Bitcoin with gold, which he considers a better protection against inflation and economic uncertainty.
Setting all this aside, considering that BTC has traded at $57,781 after a 1% drop in the last 24 hours, it is still far from its ATH reached in March.
