'This Bitcoin Bear Market Will Be Brutal', Peter Schiff Claims As Gold Hits $4,290

Core Viewpoint - Peter Schiff warns of a significant bear market for Bitcoin, highlighting its 32% decline against gold since August, urging investors to sell BTC for gold to mitigate losses [1][3]. Group 1: Bitcoin vs. Gold Performance - Bitcoin has fallen 32% against gold since its peak in August, indicating a potential bear market for the cryptocurrency [1]. - Gold, as measured by the SPDR Gold Trust (NYSE:GLD), has reached all-time highs, trading just below $4,300 recently, contrasting with Bitcoin's decline [2]. Group 2: Market Sentiment and Reactions - Schiff's posts have sparked debates among investors, with some considering shifting investments from Bitcoin to gold based on his analysis [3][5]. - Despite a 10% drop in Bitcoin prices over the past week, the number of addresses holding small amounts of Bitcoin (0–0.00001 BTC) increased from 6.99 million to 7.07 million, suggesting continued accumulation by retail traders [4]. Group 3: Broader Implications - Schiff claims the current trend indicates not only de-dollarization but also a failure of Bitcoin as a dollar alternative and digital gold, warning of potential heavy losses for Bitcoin holders [3]. - Some market participants, including traders and podcast founders, are contemplating a liquidity rotation that could allow Bitcoin to outperform gold in the future [5].