Peter Schiff, renowned economist and crypto skeptic, recently expressed his views on Bitcoin’s (CRYPTO: BTC) recent volatility and its implications on the cryptocurrency’s status as a safe haven asset.
What Happened: Schiff took to X, formerly Twitter, on Friday to highlight the significant difference in the reactions of Bitcoin and gold to escalating geopolitical tensions in the Middle East and other macro events. He pointed out that while the Dow Jones Industrial Average fell 1.5%, Bitcoin tanked 6%, whereas gold rose 1.5%.
“Bitcoin is not the safe haven asset it’s promoted to be,” he wrote.
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On Thursday, Bitcoin moved lower, with cryptocurrency prices falling below the key $63,000 level after U.S. initial jobless claims remained unchanged from the previous week at 212,000 for the week ending April 18, which was below market expectations of 215,000.
Why It Matters: Earlier this week, he questioned the predictions of Bitcoin reaching $100K, pointing out that Bitcoin-related equities are in bear markets.
Schiff’s comments come in the wake of a recent downturn in Bitcoin’s price, which fell below the $63,500 mark. His observations underscore the volatility of Bitcoin, contrasting it with the stability of gold in times of geopolitical unrest.
Despite the recent slump, some analysts, like Michaël van de Poppe, predict a significant rebound in Bitcoin’s price. Van de Poppe wrote, "Pretty significant chance #Bitcoin will be bouncing from this area upwards for some relief. The hype is slowly fading away for Bitcoin as the halving is approaching and narratives will change."
Price Action: According to data from Benzinga Pro, Bitcoin is presently trading at $64,515, representing an increase of 4.5% over the last 24 hours. It has surged 120% in the past one year.
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