Cryptocurrency

Bitcoin ETF

Bitcoin

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<a href="https://u.today/rich-dad-poor-dad-author-reacts-to-bitcoin-crash" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has had a pretty rough recent timeline, with its price falling almost 13.9% in the last 24 hours. BTC is currently trading at $52,800, but it briefly dipped as low as $49,000 on the Binance spot market. Such a painful drop is in palpable contrast to the fact that just a week ago the main cryptocurrency was worth over $70,000.
Of course, such a catastrophe of price action woke up every cryptocurrency skeptic, with&nbsp;<a href="https://x.com/PeterSchiff/status/1820344630036115600" rel="noopener noreferrer nofollow">Peter Schiff</a> being the most vocal of them. In a series of posts, the latter emphasized the seriousness of the situation by pointing out that&nbsp;<a href="https://u.today/legendary-trader-peter-brandt-issues-crucial-bitcoin-price-update" rel="noopener noreferrer nofollow">Bitcoin</a> had broken the March lows.&nbsp;
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> traded below $50K. It's down about 22% since Friday's U.S. stock market close, and It's now down 45% priced in <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#gold</a> since its Nov. 2021 high almost three years ago. It's back above $50K now, but wait until the stock market opens and ETF holders can finally sell too.— Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1820346320365732191?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2024</a>
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He said the current values marked a 20% drop from the way it traded on Friday, when Bitcoin ETFs closed. He called it a "crypto Black Monday" and suggested that the worst may be yet to come.
<h2 dir="ltr" id="gold-2-0">Gold 2.0?</h2>
Schiff also noted that since peaking in November 2021, Bitcoin has fallen in value by 45%, if you take the cryptocurrency's price-to-gold ratio. Although the price has risen slightly above $50,000, Schiff advises waiting for the stock market to open so ETF holders can finally sell.
Peter Schiff is as bearish as ever on Bitcoin and favors gold. Interestingly, however, a similar sentiment is seen in the forecasts of another well-known financial expert named Peter - Peter Brandt. Thus, as reported by U.Today, the popular trader anticipates a 39% drop in the value of&nbsp;<a href="https://u.today/bitcoin-btc-on-verge-of-catastrophe-xrp-reaches-fundamental-support-level-solana-sol-gain-nullified" rel="noopener noreferrer nofollow">BTC</a> to gold in the foreseeable future.

'Wait Until Stock Market Opens': Peter Schiff Gives Rare Bitcoin ETF Advice

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