- Gold and silver enjoyed upsides as BTC losses extended 10% from March.
- Peter Schiff claimed BTC’s Q2 performance will be “worse” than gold and silver.
Macro headwinds at the start of Q2 2024 haven’t favored Bitcoin [BTC] bulls. The largest crypto asset by market capitalization was down 10% since its mid-March record high of $73.7K.
On the quarterly front, the drop translated to a 7% drop in Q2. But BTC barely held on the $66K level at press time.
Long-time Bitcoin opponent and financial commentator, Peter Schiff, slammed the crypto asset’s constrained performance and praised Gold and Silver.
“So far in Q2 2024, here are the results: Silver up 8.7%, Gold up 3.4%, Bitcoin down 7%
The results speak for themselves.”
Macro headwinds stall BTC
Recent stronger inflation data has unsettled interest rate traders as the odds of Fed rate cuts in June dim.
As a result, market performance has been dismal in the Bitcoin case and across major indices like S&P 500, Dow Jones and Nasdaq. Dow Jones was down 1.34% on the weekly front.
Interestingly, as Schiff noted, silver and gold saw impressive upsides. In fact, he took advantage of the BTC slump to nudge his followers to opt for gold and silver.
“Attention Bitcoin HODLers. This may be your last chance to sell your #Bitcoin and buy some gold and silver at favorable prices.”
But another user called him out, stating,
“LOL 3 days into the quarter, let’s check back at the end.”
Schiff confidently told the user that Bitcoin would be worse off than gold and silver, even at the end of Q2.
But macro headwinds are largely at play for gold’s rally, as noted by another user;
“The fact that bonds are selling off while gold just moved 15% higher is telling you absolutely everything you need to know about macro right now.”
Indeed, Q2 is too early to dismiss BTC’s performance as dismal. However, macro headwinds could equally affect the BTC upside if they persist in Q2.
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