Benzinga – Economist Peter Schiff took to social media to compare Bitcoin’s abrupt fall to the stability of gold.
What Happened: On Tuesday, Schiff highlighted that the sudden drop in Bitcoin’s value, which fell over $3,000 in 10 minutes, has more risk than reward in comparison to gold.
This is equivalent to a $100 drop in the price of gold within the same timeframe. However, he noted that gold’s price had actually increased slightly and that ETF investors “are trapped” until the market opens.
#Bitcoin just tanked over $3K in about 10 minutes. That’s almost a 4.5% drop. It’s equivalent to a $100 drop in the price of #gold in 10 minutes. Gold is actually up a couple of bucks. If this turns into something bigger, ETF investors are trapped until the NYSE opens tomorrow.
— Peter Schiff (@PeterSchiff) April 2, 2024
He also mentioned a comment from CNBC’s Joe Squawk,…
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