Economist and gold advocate Peter Schiff has highlighted Bitcoin's (CRYPTO:BTC) recent decline, declaring the cryptocurrency "back in official bear market territory."
Schiff, known for his scepticism towards digital currencies, predicts further price drops before Mt. Gox creditors start receiving their crypto payouts next month.
Schiff's bearish outlook comes amid ongoing volatility in the cryptocurrency market.
He believes Bitcoin will face additional downward pressure as Mt. Gox's payout distribution looms, potentially causing further sell-offs.
The economist's stance adds to the ongoing debate about Bitcoin's long-term viability and the impact of significant events, such as the Mt. Gox repayments, on its price trajectory.
Schiff's commentary continues to reflect his long-standing preference for traditional assets like gold.