Peter Schiff Slams Bitcoin Comparing It to Gold Amid Stealth Bear Market, and other News
In a recent tweet, Schiff noted that Bitcoin is trading below 27 ounces of gold and is down more than 27% from its high two and a half years ago.
Well-known Bitcoin critic Peter Schiff has once again highlighted his views on the leading cryptocurrency, comparing it to gold and expressing concerns about what he calls a “stealth bear market.”
Schiff took on X to post the following on April 15:
“Bitcoin is trading below 27 ounces of gold. It’s now down over 27% since hitting its record-high of 37 ounces of gold 2.5 years ago. Given all the hype about #Bitcoin and lack of coverage of #gold, likely few realize Bitcoin is in a stealth bear market when priced in real money.”
Additionally, during his podcast, Schiff further elaborated on his argument, explaining that the price of Bitcoin has fallen by around 18.6 ounces of gold. This indicates, in his words, a more pronounced downward trend. On the other hand, and despite the recent increase in attention and price of Bitcoin, Schiff stressed that the cryptocurrency has not yet reached a new high in terms of its real money value.
Alleged Crypto Scammer “CP3O” Faces Millionaire Fraud Charges
Charles O. Parks III, nicknamed “CP3O,” has been accused of orchestrating a $3.5 million cryptocurrency hijacking scheme targeting major cloud computing services.
The charges filed against Parks cover wire fraud, money laundering and engaging in illegal monetary transactions. He was arrested in Nebraska on April 13 and is expected to appear in court in Omaha on April 16. The U.S. Attorney’s Office for the Eastern District of New York unsealed the charges on April 15, 2024. He could spend up to 50 years in prison if convicted.
According to the indictment, between January and August 2021, Parks operated under multiple aliases and corporate entities, such as “MultiMillionaire LLC” and “CP3O LLC,” to deceive cloud providers and obtain large amounts of computing power without paying.
Authorities warn that they will continue to pursue those who use technology to commit fraud, reflecting their determination to enforce the law in this constantly evolving area.
The Crypto Whale Enigma: Billions in the Digital Abyss
A recent report from blockchain intelligence firm Arkham reveals that the top five crypto whales, whose wallet addresses are publicly known, control around $3.5 billion in cryptocurrencies. However, a significant portion of this digital fortune is inaccessible due to lost passwords and private keys.
The most recent update to the on-chain intelligence dashboard, announced on April 15, exposes the holdings of some of the world’s wealthiest cryptocurrency holders, verified on-chain. According to Arkham data, the five largest cryptocurrency holders currently hold a combined $3.47 billion in digital assets. However, approximately 35% of this amount, or USD 1.21 billion, is classified as “inaccessible.”
United Kingdom Prepares to Regulate Bitcoin and Other Crypto Assets, As Well as Stablecoins in July
The UK government is taking steps towards regulating cryptoassets and stablecoins with the aim of driving innovation in the space of digital assets and blockchain technology. Bim Afolami, Economic Secretary to the British Treasury, shared this news during his participation in the Innovative Finance Global Summit (IFGS) 2024.
The British government seeks to establish a regulatory framework that encourages innovation in companies while protecting consumer rights. The introduction of this regulatory framework in July marks a significant milestone on the path towards greater clarity and stability in the UK cryptoasset ecosystem.
By Leonardo Perez