TechFlow news: On February 4, economist and gold advocate Peter Schiff posted on social media stating that the gold price has broken above $5,000 again. Traders who shorted gold last week may now face difficulties. Meanwhile, Bitcoin’s price has fallen to $76,000—equivalent to 15 troy ounces of gold—representing a 59% decline from its November 2021 all-time high. Measured in gold, Bitcoin is currently in a prolonged bear market.
Notably, Peter Schiff, a long-standing gold advocate and Bitcoin critic, has consistently held a negative view toward cryptocurrencies.
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