Peter Schiff Says Bitcoin Near Bear Market When Priced In Gold, Gets Roasted on X
Peter Schiff said Bitcoin is approaching “bear market territory” when priced in gold, a claim that provoked a ferocious response from crypto supporters on X. “Priced in gold, since hitting a high of about 37.2 ounces on Aug. 12, Bitcoin is down 18%, just 2% above official bear market territory,” Schiff wrote on X, highlighting gold’s recent record-breaking surge above $3,600 per ounce. Schiff, a legendary investor with more than 1.1 million followers on X, added that when looking at Bitcoin priced in gold, the leading crypto is “currently almost 16% below its Nov. 2021 high.” “How do you square this dismal performance with all the hype?” he asked crypto investors X Users Remind Schiff That He Said Bitcoin Would Be Expensive At $750 They quickly hit back. “If I look at a 5-year chart, gold is up around 85%,” said Rich Eddy (@richeddy). “Bitcoin is up 975% in that same time period. What is this ‘dismal per...