The gold bug is not sure whether or not the cryptocurrency can surge to the $100,000 level given that major cryptocurrency-related stocks are now in a bear market.
In the meantime, major mining stocks, such as Marathon Digital , Riot Platforms and Hive Digital , are down more than 50% from their peak. , Bitcoin miners are predicted to lose a whopping $10 billion due to the impact of the upcoming halving event. Moreover, miners now have to compete with tech giants that are investing billions of dollars into powerful data centers due to the growing popularity of artificial intelligence. In a separate post, Schiff also took another dig at the “digital gold” narrative surrounding Bitcoin.
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