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Bitcoin (CRYPTO: BTC), although recovering from Saturday’s lows, settled in the red on Monday, as it pulled back below the $63,500 mark. Amid the volatility, economist and crypto skeptic Peter Schiff expressed skepticism regarding the apex crypto blasting off in line with predictions by some bulls.
What Happened: “If #BitcoinETFs are really going to send #Bitcoin to $100K or higher, why are all the Bitcoin-related equities in bear markets?” he said in a post on X, formerly Twitter. A financial asset is said to be in a bear market if it falls more than 20% from a recent high.
Schiff highlighted the down move in the following crypto-linked stocks.
As opposed to Schiff’s projection of the downtrend as a crypto-specific weakness, the broader market has been on a steep pullback since the start of April. The SPDR S&P 500 ETF Trust (NYSE:SPY), an exchange-traded fund that tracks the broader S&P 500 Index, has shed about 3.6% amid worries concerning the unlikelihood of the Federal Reserve cutting rates amid stubbornly elevated inflation.
See Also: 10 Best Cryptocurrencies
Not A Safe Haven: Investors who bought the new Bitcoin ETFs now realize that they bought a bill of goods, Schiff said in a separate post. “They now know that #Bitcoin isn’t the safe haven, store of value it was promoted to be,” he said, adding that “surprised investors will likely sell, either to cut their losses or book gains and move on.”
In terms of gold, Bitcoin traded below 27 ounces of gold, Schiff noted. The apex crypto is now down over 27% since hitting a record high of 37 ounces of gold two and half years ago, he said. “Given all the hype about #Bitcoin and lack of coverage of #gold, few likely realize Bitcoin is in a stealth bear market when priced in real money,” he added.
Bitcoin ETF buyers, who think the king crypto is a “digital version” of gold should take note that SPDR Gold Shares (NYSE:GLD), an ETF tracking the performance of physical gold or gold bullion, rose nearly 2% on Monday before settling at a record high, he said. On the other hand, Bitcoin ETFs were down about 5%, he added.
“Maybe your thesis is wrong and you should sell your fool’s gold and buy the real thing,” Schiff said.
At last check, Bitcoin (CRYPTO: BTC) fell over 4.50% to $63,483.18, according to Benzinga Pro data.
Read Next: Peter Schiff Predicts Bitcoin ETFs Will Lead To Its ‘Biggest Crash Ever’
Image by yuRomanovich on Shutterstock
