Peter Schiff Warns Of A “Slow Death” For Bitcoin As BTC Falls, Gold And Silver Soar
Peter Schiff has warned of a “slow death” for Bitcoin as BTC’s price slips while gold and silver prices soar to new record highs.
“If Bitcoin won’t go up when tech stocks rise, and it won’t go up when gold and silver rise, when will it go up? The answer is: it won’t,” he wrote on X.
Schiff went on to say that the “Bitcoin trade is over,” now that all of “the suckers are in.” He then said that if BTC’s price won’t rise, the only logical direction for the largest digital asset by market cap is down.
“If HODLers are lucky it won’t be a slow death.”
That warning follows a post published by Schiff on Dec. 23. In this post, he said that Bitcoin is down around 46% priced in gold from the high that it reached in November 2021.
“As bad as the past four years have been for Bitcoin priced in gold, the next four will be much worse,” he said.
Bitcoin’s Price Slides Further
Schiff’s prediction that Bitcoin will suffer a slow death comes as the crypto, and the broader market, continues to drop.
Over the past 24 hours, BTC’s price has dropped by a fraction of a percentage. As a result, the crypto is now clinging to the $87K level as of 3:40 a.m. EST, data from CoinMarketCap shows.
That small retracement adds to a 7% drop in BTC’s price over the past year. It also comes as the crypto remains on track to close its first negative Q4 return since 2022.
BTC’s historical quarterly performances (Source: CoinGlass)
In order to close this Q4 in the green, BTC will need to rally over 23%.
Additionally, BTC will need to rise over 3% before the end of the month to avoid printing back-to-back negative December performances.
The rest of the crypto market has seen a similar drop. Data from TradingView shows that the total market cap for all cryptos excluding BTC has plunged more than 25% over the last 3 months.
Gold And Silver Prices Soar To Record Highs
Bitcoin’s underperformance has been placed into the spotlight as gold and silver prices have rallied over the past few months.
That strong performance continued in the past 24 hours. Earlier today, the price of gold surged past $4,500 per ounce to reach a record high of $4,525.19. Meanwhile, Silver soared to an all-time high of $72.70 per ounce, but has since retraced to around $72.16.
The prices of other precious metals soared in the past 24 hours as well. Platinum went on to set a new record of $2,377.50 earlier today, but now trades around $2,333. This is still a 2.5% gain compared to the previous trading session.
While Palladium has not yet reached a record high, its price also surged nearly 3% to $1,916.69. This is its highest level in three years.
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