Renowned economist Peter Schiff scoffed at Bitcoin (CRYPTO: BTC) HODLers for being oblivious to the impending bear market.
What Happened: On Thursday, the staunch Bitcoin critic took to X to highlight the leading cryptocurrency's decline against gold—an asset Schiff vehemently advocates for.
"For now, Bitcoin is holding $60,000 support. More significantly, it's down 40% priced in gold since hitting its record high just under 3 years ago," Schiff remarked.
He urged Bitcoin investors to "Wake up, and smell the bear market." He used the famous "frog in a boiling water" theory to ridicule them, asking, "How much longer will you let the water temperature rise before jumping out of the pot?"
For now, #Bitcoin is holding $60K support. More significantly, it's down 40% priced in #gold since hitting its record high just under 3 years ago. Wake up, and smell the bear market, #HODLers. How much longer will you let the water temperature rise before jumping out of the pot?
— Peter Schiff (@PeterSchiff) October 3, 2024
Why It Matters: Schiff's comments follow a series of similar hot takes on Bitcoin's underperformance vis-à-vis gold's growth.
Last week, he pointed out that gold had reached another record high, but the significance of this rise has been overlooked due to the overwhelming focus on Bitcoin.
In fact, Schiff added an X poll to ascertain if Bitcoin investors were worried about the leading cryptocurrency's declining value against gold. Interestingly, more than 75% voted that they were not worried, while just about 22% hinted that they were concerned.
Price Action: At the time of writing, Bitcoin was exchanging hands at $60,941.26, down 0.43% in the last 24 hours, according to data from Benzinga Pro.
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