Peter Schiff Declares End of Bitcoin Fad Amid Price Drop
Peter Schiff, known for his affinity for gold, has taken to social media to declare the end of the "Bitcoin fad" as the cryptocurrency fell below the critical $60,000 mark.
Schiff criticized “Bitcoin pumpers” for their excuses as the cryptocurrency experienced a sudden 6% drop, stating that they are now “out of excuses.”
He emphasized gold’s impressive performance, reaching a new record high, and suggested that silver should be considered “gold 2.0” instead of Bitcoin due to its superior performance during turbulent times.
Recently, Bitcoin dropped to $59,600 on some exchanges due to heightened tensions in the Middle East. However, it later recovered to $65,000, potentially undermining Schiff’s premature claims.
However, crypto market sentiment remains bearish, especially with the recently completed halving expected to cause short-term turmoil in the mining sector.
READ MORE: Rethinking Bitcoin Halvings: A Macroeconomic Perspective
In addition to geopolitical tensions, Bitcoin exchange-traded funds (ETFs) have seen five consecutive days of outflows.
Spot ETFs experienced $4.38 million in net outflows on Friday, although Fidelity’s FBTC outperformed BlackRock’s IBIT with inflows of $37.4 million and $18.8 million, respectively.
Meanwhile, Grayscale’s GBTC saw a decrease of approximately $90 million on April 18.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
