Amid his multiple warnings against investing in Bitcoin (BTC) and particularly its spot exchange-traded funds (ETFs), American economist and staunch gold advocate Peter Schiff has made another comparison between his favorite precious metal and the maiden cryptocurrency.
As it happens, Schiff shared his view that the flagship decentralized finance (DeFi) asset was “in a stealth bear market when priced in real money,” and that not many people realize this “given all the hype about Bitcoin and lack of coverage of gold,” according to his X post on April 15.
Furthermore, the popular economics analyst highlighted that Bitcoin was “trading below 27 ounces of gold,” and was “down over 27% since hitting its record-high of 37 ounces of gold 2.5 years ago,” despite the largest asset in the crypto sector recently hitting a new all-time high (ATH) priced in US dollars.
Bitcoin price 30-day chart. Source: Finbold
All things considered, Peter Schiff might be correct in some of his views but, as the commenters to his X posts often like to point out, he has been singing the same tune about Bitcoin for a long time, ever since its price stood at $1,000, and Bitcoin has since increased by more than 6,200%.
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