Peter Schiff Issues Warning About Bitcoin's Waning Momentum
2024-09-02

Peter Schiff, one of the most notorious Bitcoin critics, recently took to the X social media network to highlight the underwhelming performance of the leading cryptocurrency. 
Schiff pointed to the fact that all of the gains recorded by the leading cryptocurrency had been recorded during the first two months of the year. 
The leading cryptocurrency is now down more than 8% since late February. Meanwhile, the price of gold is up as much as 23% over the same period of time. 
"The momentum has turned," Schiff added. 
Despite swiftly recovering from the devastating crash that took place in early August, Bitcoin still ended up being down 8.74% for the month. 
It is worth noting that September tends to be the least successful month for the largest cryptocurrency. During its history, Bitcoin would end up in the green only a few times. 
In 2019, Bitcoin collapsed by as much as 13.91% in September. In 2014, it plunged by 19.31%. 
However, this month might end up being different since the U.S. Federal Reserve is widely expected to finally cut interest rates. 
Bitcoin ETFs see more outflows 
Bitcoin exchange-traded funds managed to revive interest in Bitcoin, eventually pushing the price of the leading cryptocurrency by market capitalization to its current peak in March. 
However, as of recently, Bitcoin ETF hit a snap with underwhelming numbers. Last week, these products saw a total of $277 million worth of outflows. 
BlackRock's record-shattering IBIT also saw its second day of outflows in history last week. 