Peter Schiff says Bitcoin is in a ‘stealth bear market’ when it is priced relative to gold.

Renowned Bitcoin critic Peter Schiff has launched another attack on the world’s leading cryptocurrency just days before the halving, saying the digital asset is in a “stealth bear market”, especially compared to gold.

“Bitcoin is trading at less than 27 ounces of gold and is currently down more than 27% since its peak of 37 ounces 2.5 years ago,” said the founder of Euro Pacific Capital. “Given all the hype about Bitcoin and the lack of coverage about gold, few people realize that Bitcoin is in a secret bear market when it is priced in real money.”

“Real money” is measured by the purchasing power of a currency or asset. Schiff went into more detail on his podcast on Monday.

“Bitcoin price fell to 18.6 ounces of gold. The highest was 27 ounces two and a half years ago. So, we are moving deeper into bear market territory,” he said. “None of these Bitcoin investors want to admit it. Despite all the hype, ETFs, and this big rally, Bitcoin has never hit a new high in real money… and it might not. there is.”

that much bitcoin price According to CoinGecko, it stands at $63,660 at the time of this writing. It has remained above $60,000 since late February, when cryptocurrency market watchers declared a new bull market, but has not revisited the all-time high of $73,000 set in March. It’s still up more than 43% year to date.

Meanwhile, gold prices have risen 17% this year to 2024, reaching an all-time high after rising for four consecutive weeks.

Schiff famously declared in August 2019 that “Bitcoin will never reach $50,000.” He was ready to declare victory six months later when the BTC price dipped below $7,000 and then $4,000, but less than two years later he was proven wrong. later.

Schiff appears to be an enthusiastic participant in the public debate about which is a smarter investment, both for his role in Bitcoin and the like and as a perennial advocate for gold. After a spat with entrepreneur and investor Anthony Pompliano, Bitcoin fans poured BTC into Schiff’s digital wallet. But less than a year later, he lost that position.

Schiff encouraged BTC supporters to be similarly generous when his son Spencer revealed his interest in the cryptocurrency in August 2020. He also posted a public poll comparing his investing acumen to “an 18-year-old college freshman who has never had a job.”

His son won by a landslide.

A year ago, as artificial intelligence exploded across industries, Schiff asked ChatGPT which was a better investment. The yellow metal wins.

“At the end of the day, AI is pretty intelligent.” tweeted At that time. “Allocation to Bitcoin was not recommended.”

With the Bitcoin halving expected to occur later this week, cryptocurrency market watchers and institutional investors are eagerly anticipating its impact on the BTC price. Although historically up, there has been a solid decline.

Edited by Stacy Elliott.