- Gold and silver enjoyed upside as BTC losses increased 10% from March.
- Peter Schiff claimed that BTC’s second-quarter performance will be “worse” than gold and silver.
The macroeconomic headwinds at the start of the second quarter of 2024 were not in favor Bitcoin [BTC] bulls. The largest crypto asset by market cap fell 10% from its mid-March record high of $73.7K.
On a quarterly basis, the decline translated into a 7% decline in the second quarter. But BTC was barely holding on at the $66,000 level at the time of writing.
Peter Schiff, a long-time Bitcoin opponent and financial commentator, hit the crypto asset’s limited performance and praised gold and silver.
“So far in the second quarter of 2024, here are the results: Silver rises by 8.7%, Gold rises by 3.4%, Bitcoin fell 7%
The results speak for themselves.”
Macro Headwinds Hold BTC Back
Recent stronger inflation data has unsettled interest rate traders as the likelihood of Fed rate cuts in June diminishes.
As a result, market performance has been dismal in the case of Bitcoin and in major indices such as the S&P 500, Dow Jones and Nasdaq. Dow Jones fell by 1.34% on a weekly basis.
Interestingly, as Schiff noted, silver and gold saw impressive gains. In fact, he profited from BTC’s slump poke his followers to choose gold and silver.
“Attention Bitcoin HODLers. This could 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 the second quarter.
But macroeconomic headwinds are largely playing a role in gold’s rally noted by another user;
“The fact that bonds are selling off while gold is just up 15% tells you absolutely everything you need to know about macro right now.”
The second quarter is indeed too early to dismiss BTC’s performance as dismal. However, macro headwinds could also impact BTC’s upside if it persists into the second quarter.