News - Peter Schiff: "The Bitcoin party is over"

By Luc Vesters

Peter Schiff: "The Bitcoin party is over"

Bitcoin (BTC)
Price update

He just can't let it go - investor and gold supporter Peter Schiff is once again seizing the latest Bitcoin correction to take a shot at BTC. "Turn off the lights Hodler, the party is over," he writes in a new post on Twitter.

Shortly before that, he accused MicroStrategy of price manipulation of BTC and pointed out that Michael Saylor's company will be sitting on a billion-dollar loss if Bitcoin falls back to USD 20,000.

The price of the cryptocurrency has fallen about 1.34 percent over the past 24 hours. Bitcoin is currently trading at $57,550. Compared to the previous week, BTC fell 10.47 percent. For some crypto experts, the Bitcoin dip comes as no surprise. BitMEX co-founder Arthur Hayes correctly warned investors a month ago that the crypto price trend just before and after the halving could be negative.

"Despite all the hype around Bitcoin ETFs, Bitcoin is clearly in a bear market," says Peter Schiff. "It's down 23 percent in U.S. dollars, but 33 percent in gold, with one Bitcoin now worth less than 25 ounces." A glance at a monthly chart supports his argument: while Bitcoin lost 17.2 percent against the U.S. dollar, gold gained 2.9 percent. Has he finally been proven right?

A long-term comparison of the two securities shows a different result. The last time you could buy a whole Bitcoin with an ounce of gold was in April 2017. Since then, BTC has also become increasingly expensive in terms of gold. When Peter Schiff points out that, despite the recent BTC correction, it now takes a significant 25 gold ounces to buy just one Bitcoin, he indirectly provides a strong pro-BTC argument for long-term investors.

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