Economist and gold advocate Peter Schiff has highlighted bitcoin’s recent decline, declaring the cryptocurrency “back in official bear market territory.” He predicts further bitcoin price decline before Mt. Gox creditors begin receiving their crypto payouts next month.
Peter Schiff Predicts Further Bitcoin Plunge Ahead of Mt Gox Payouts — Declares BTC in Official Bear Market
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Bitcoin Back in ‘Official Bear Market Territory’
Economist and gold bug Peter Schiff, known for his skepticism towards bitcoin, has taken to social media platform X to spotlight BTC’s recent decline. On Monday, Schiff wrote about BTC as the price of the cryptocurrency briefly dropped below $59K, stating:
It’s back in official bear market territory, down over 20% from its record high.
“But in gold terms, the bear market has been far more ferocious, with bitcoin now down over 30% priced in gold. The bear is still young. Look out below,” he warned.
The gold advocate also cautioned about the impact of Mt. Gox creditors receiving their bitcoin, following Monday’s announcement that distributions will begin in July. Schiff opined:
The Mt. Gox bitcoin has not even been returned yet. But it will be starting in July. So the price of bitcoin may drop a lot more before the Mt. Gox bitcoin actually starts hitting the market.
In a separate X post, Schiff also commented on spot bitcoin exchange-traded funds (ETFs). He noted: “Since March 14th, despite buying from 11 spot bitcoin ETFs, bitcoin is down 14%. During the same period of time, gold is up 10%. Many people who bought bitcoin ETFs sold their gold ETFs to fund it. Those buyers are now down 24%. How long before they realize they made a mistake?”
Schiff has consistently made bold predictions regarding the price and future of bitcoin. In May, he warned that the introduction of spot ethereum ETFs would prompt investors to shift their funds from spot bitcoin ETFs to ether, potentially diminishing bitcoin’s market dominance. In April, he went further, declaring that the bitcoin fad is over. He believes that BTC is a “gigantic bubble.”
What are your thoughts on Peter Schiff’s warnings about bitcoin? Do you think the price of BTC will drop significantly before Mt. Gox’s distribution? Share your opinions in the comments section below.
