Bitcoin likely to crash below $30,000 now, PeterSchiff explains why. $BTC santimentfeed
, he moves on to the issue of gold. So far, year-to-date, XAU has risen 0.5%. He believes that, compared to the massive fall of stocks, gold has demonstrated itself as a reliable store of value—unlike Bitcoin, which has dropped 18% year-to-date. That is a lot more than most stocks; therefore, BTC cannot be compared to gold as a SoV.
He also reminded his followers that Bitcoin is now down a whopping 44% from its all-time high of $68,789 reached on Nov. 10. At press time, Bitcoin is sitting at $39,161 on the Kraken exchange. As reported by U.Today earlier, CEO of Galaxy Digital Mike Novogratz expected Bitcoin to bottom out at $38,000.BTC returns still higher than S&P 500 and gold
Santiment analytics data vendor has tweeted that despite the massive fall from the recent all-time high and an 18% drop this year, Bitcoin returns in the past five years are still almost 48x bigger than the S&P 500 and 84.5x higher than gold over the same period of time.