Bitcoin down 36 percent against gold since late 2024, Peter Smith notes

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Bitcoin down 36 percent against gold since late 2024, Peter Smith notes — Bitcoin price hides bear market trend

Peter Smith, co-founder and chief executive officer at Blockchain.com, highlights that Bitcoin’s dollar price has remained flat since late 2024 despite an expanding money supply and stronger performance from gold.

Smith points out that when valued in gold, Bitcoin has declined by around 36 percent, indicating that the dollar price may be concealing an underlying bear market.

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Smith has previously discussed investor sentiment surrounding Bitcoin. He recalled that a venture capitalist once predicted Bitcoin would have fewer users than Venmo during its series A fundraising. The remark highlighted skepticism in the early days of Bitcoin's growth.

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