The Gold Standard's Last Stand

Bitcoin in Stealth Bear Market, Peter Schiff Believes

Renowned gold bug and Bitcoin skeptic Peter Schiff has taken to social media to express his opinion that Bitcoin is currently in a stealth bear market. According to Schiff, the cryptocurrency's price action relative to gold is a clear indication that a bear market is underway.

In a tweet, Schiff wrote, "I've been saying for months that Bitcoin's price action relative to gold is a bear market. Yesterday's price action was no exception. The fact that Bitcoin's price fell 2.5% while gold fell only 0.5% suggests that the market is not impressed with Bitcoin's recent gains."

Schiff went on to explain that he believes the recent price action in Bitcoin is a sign that the market is not convinced that the cryptocurrency is a store of value. He cited the fact that Bitcoin's price has not kept pace with gold's price over the past few months as evidence that the market is not viewing it as a viable alternative to the precious metal.

Schiff's comments have sparked a lively debate in the cryptocurrency community, with some arguing that his views are outdated and that Bitcoin is indeed a store of value. Others have pointed out that the cryptocurrency's price action relative to gold is not the only factor to consider when evaluating its performance.

Regardless of one's opinion on the matter, it is clear that Schiff's comments have added fuel to the fire of the ongoing debate about the role of gold and Bitcoin in the global financial system. As the price action in both assets continues to unfold, it will be interesting to see if Schiff's views are proven correct or if the market has other plans in store.