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?"
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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Renowned economist Peter Schiff scoffed at Bitcoin (CRYPTO: BTC) HODLers for being oblivious to the impending bear market.
著名经济学家彼得·希夫嘲笑比特币(加密货币:BTC)持有者对即将到来的熊市视而不见。
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?"
Why It Matters: Schiff's comments follow a series of similar hot takes on Bitcoin's underperformance vis-à-vis gold's growth.
为何重要:希夫的评论是在对比特币相对于黄金增长的表现不佳发表了一系列类似的热点看法之后发表的。
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.
上周,他指出,黄金再次创下历史新高,但由于人们对比特币的压倒性关注,这种上涨的重要性被忽视了。
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.