Peter Schiff: Bitcoin is losing popularity

Peter Schiff, a financial strategist and economist, said in his profile on the X platform that the «bitcoin fashion» is over after the largest cryptocurrency by market capitalization recorded another drop below $ 60,000.

«All week long, the 'bitcoin swingers' have been making excuses for the bitcoin sell-off BTC $97,250.55 Bitcoin 3.53% Market capitalization $1.92 trillion VOL. 24 hours $6.21 billion on Saturday. They claimed that since all other markets were closed, bitcoin was the only asset that could be sold. Well, now all markets are trading and bitcoin is getting killed again. The bitcoin bulls have run out of excuses," Schiff said.

The financial observer also pointed to the impressive dynamics of gold, which is now trading at a new record high. He reiterated that silver should be seen as gold 2.0, not bitcoin, as it is far ahead of the largest digital currency «in turbulent times.»

Today, on April 19, the price of the flagship cryptocurrency was falling to $ 59,600 on the Bitstamp exchange. The reason for this was the rising tension in the Middle East. However, it has since managed to recover to $ 62,000. Nevertheless, the sentiment on the crypto market remains bearish, as the long-awaited bitcoin halving is only one day away.

In addition to geopolitical tensions, which only fuel bearish sentiment, bitcoin exchange-traded funds have also seen outflows from crypto exchanges for the fifth day in a row. On Friday, spot exchange-traded funds experienced net outflows of $ 4.38 million. However, it is worth noting that Fidelity’s FBTC managed to outperform BlackRock’s IBIT (inflows amounted to $ 37.4 million and $ 18.8 million, respectively). At the same time, Grayscale’s GBTC decreased by about $ 90 million on April 18.