Controversial economist and long-time crypto critic, Peter Schiff has once again taken a swipe at investors in the Bitcoin (BTC) ecosystem, asking them to dump the digital asset as it was now worth fewer than “25 ounces” of gold.

Bitcoin Price Value Spotlighted Alongside Gold

In an X post, Schiff shared an updated chart of Bitcoin’s performance spanning from late January shortly after the approval of spot ETF till date with particular highlights on the assets’ recent slump in price, emphasizing that clearly, cryptocurrency is in a bear market. A few days ago, he had predicted that the leading digital asset by market capitalization wouldn’t hold up at its support level of $60,000.

Schiff argues that despite the recent buzz surrounding Bitcoin exchange-traded funds (ETFs), Bitcoin’s value continues to decline substantially. Supporting his claims with metrics, the crypto critic pointed out that the world’s leading cryptocurrency has dropped 23% in terms of US dollars and 33% when priced in gold.

Despite all the hype around the #BitcoinETFs, Bitcoin is clearly in a bear market. It’s down 23% in dollars, but 33% priced in #gold, with one #Bitcoin now worth fewer than 25 ounces. Here’s the updated chart I’ve been posting. Turn out the lights #HODLers, the party is over. pic.twitter.com/tebMsUSIrs

— Peter Schiff (@PeterSchiff) May 1, 2024

While highlighting Bitcoin’s diminishing value in real terms, Schiff insists that the current price of the digital asset is equivalent to fewer than 25 ounces of gold, a significant drop from previous levels. 

He proceeds to tell HODLers, “Turn out the lights, HODLers, the party is over.”

Peter Schiff Teases More Bearish Trend Ahead

Schiff recently mocked Bitcoiners on the halving event, describing it as a reduction in Bitcoin HODLers’ net worth. His current post seems to imply that Bitcoin’s bear market is far from over.

At the beginning of April when Bitcoin took an over $3,000 nosedive within minutes, the crypto critique had warned of possible worse performance on the digital asset horizon. Schiff had drawn a comparison with gold as a better store of value and hedge against inflation and economic uncertainty.

Peter Schiff has a bragging right at the moment considering the outperforming trends of Gold. The dwindling interest in spot Bitcoin ETF is also not aiding the general outlook of the digital currency.

Data from CoinMarketCap shows that Bitcoin briefly crossed the $60,000 mark on April 30 and has been on a steady dip below that threshold. It is currently valued at $57,323.57, a 4.21% drop in the past 24 hours.

The post Bitcoin (BTC) Now Worth Fewer Than 25 Ounces: Peter Schiff appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am