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Renowned Bitcoin critic Peter Schiff has cautioned investors about the cryptocurrency's diminishing momentum, citing recent losses and comparing them to gold's robust performance.
Peter Schiff Raises Concerns Over Bitcoin
X social media network user Peter Schiff, an infamous Bitcoin critic, has brought attention to the top cryptocurrency's lackluster performance.
Schiff brought up the fact that the top cryptocurrency had made all of its gains in January and February. More than eight percent has been lost by the top cryptocurrency since the end of February. On the other hand, gold's price has risen by up to 23% within the same time frame.
August Drop Takes Toll on Bitcoin Bulls
"The tide has turned," Schiff went on to say. Even if Bitcoin bounced back quickly from the catastrophic drop in early August, the bulls still took a major hit as the cryptocurrency closed the month down 8.74%.
U.Today reports that the biggest cryptocurrency has its worst month of performance every year in September. Bitcoin has only ever turned a profit a handful of times throughout its existence.
Interest Rate Cuts Could Affect Bitcoin’s Path
The price of bitcoin dropped by 13.91 percent in September of this year. It fell by 19.31% in 2014. On the other hand, the U.S. Federal Reserve is finally expected to decrease interest rates this month, so things can turn out differently.
Bitcoin ETFs were instrumental in reviving investor enthusiasm for the cryptocurrency, which led to the price of the market leader reaching its all-time high in March.
Yet, Bitcoin ETF has now encountered a slump with disappointing performance. A sum of $277 million was expelled from these products last week. Last week, BlackRock's record-breaking IBIT experienced its second day of outflows in its history.
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