- Peter Schiff said Bitcoin recently fell 18%% in terms of gold prices, suggesting the possibility of entering a bear market.
- Recently, gold hit record highs, rising 36%% year-to-date.
- Meanwhile, Bitcoin has been in decline since its August record high, resulting in only an 18%% year-to-date gain.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
As spot gold prices broke record highs, critical opinions about the leading virtual asset (cryptocurrency) Bitcoin (BTC) have emerged.
On the 7th (Korean time), according to Block News, Peter Schiff, famous as a Bitcoin skeptic, said on X (formerly Twitter), "Bitcoin, when measured in gold prices, recorded $37.2 per ounce on August 12 last month and fell 18%," adding, "this is only 2% above bear market levels."
He added, "When converted to actual gold prices, Bitcoin is currently nearly 16% below the November 2021 peak."
These opinions emerged as Bitcoin's weakness coincided with gold's record high.
According to TradingView, gold recorded $3,586 per ounce on the 6th, setting a record high. It is up 36% year-to-date.
According to CoinMarketCap, as of 10:40 a.m. that day, Bitcoin was trading at $110,571, down 0.29% from the previous day. Although this is up 18% year-to-date, Bitcoin has been in a continued downtrend since reaching its record high of $123,677 on August 14.
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