Economist Peter Schiff argues that bitcoin's supposed correlation with gold was never genuine, noting bitcoin did not rise with gold during its 2025 rally. He also highlights that bitcoin's previous close relationship with the Nasdaq has now broken down, as the Nasdaq has risen while bitcoin has fallen this year. Schiff warns of a potential 'slow death' for bitcoin, contrasting with bullish views that see the current downturn as a bear market phase before recovery. The debate continues as bitcoin trades around $64,000 while gold and Nasdaq show gains, challenging bitcoin's narrative as digital gold or a tech proxy.
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