Peter Schiff: The BTC/gold exchange rate has fallen by 59% from its peak in 2021, and Bitcoin is in a long-term bear market when priced in gold

Economist and gold supporter Peter Schiff stated on social media that gold prices have once again surpassed $5000. Traders who shorted gold last week may face difficulties. Meanwhile, the price of Bitcoin has fallen to $76,000, currently equivalent to 15 ounces of gold, down 59% from the peak in November 2021. Priced in gold, Bitcoin is in a long-term bear market.

It is reported that as a long-time gold supporter and Bitcoin critic, Peter Schiff has consistently held a negative view on cryptocurrencies.