Economist Peter Schiff has issued a warning, predicting that Bitcoin is nearing the bear market. Since August, Bitcoin’s price has dropped by nearly 18%, bringing it closer to officially entering a bear market territory compared to gold. Gold prices have surged to record highs in recent weeks, while Bitcoin’s performance lagged behind. This divergence highlights potential concerns regarding Bitcoin’s ability to maintain its status as a safe-haven asset. Schiff, CEO of Euro Pacific Capital, stated, ‘Since peaking at 37.2 ounces of gold per BTC on August 12, Bitcoin has dropped nearly 18%. That leaves it only about 2% away from what I call ‘official bear market territory’ when measured in gold.’ Schiff’s observations underscore potential implications for the cryptocurrency industry as investors evaluate Bitcoin’s volatility and its role within a broader financial framework. Market participants are closely watching Bitcoin, particularly in light of the ongoing debate over whether it can serve as a reliable store of value against traditional assets like gold. Schiff’s analysis further fuels discussions about Bitcoin’s long-term viability and compares it to historical market trends with potential regulatory implications.