Schiff Dismisses Spot Bitcoin ETF as Unnecessary
Peter Schiff, an economist and gold enthusiast, recently shared his opinion on the anticipated approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on social media platform X. Schiff believes that a bitcoin ETF is not needed since individuals can buy and store bitcoin themselves for free. He predicts that there will be minimal demand from investors, and speculators who bought bitcoin in anticipation of the ETF approval will likely sell once it becomes a reality.
Schiff Warns of Potential Consequences
Following a decline in bitcoin’s price due to rumors of the SEC rejecting spot bitcoin ETF applications, Schiff posted another warning on X. He suggests that the launch of a bitcoin ETF may lead to a “buy the rumor, sell the rumor of the news” scenario, with few speculators left to buy bitcoin once the news becomes official.
Limited Investor Demand Expected
Schiff does not believe that institutional investors will be interested in spot bitcoin ETFs. In a previous prediction, he stated that the introduction of a bitcoin ETF would have minimal impact and that investor demand would remain low. However, others, such as Vaneck’s director of digital assets strategy and Ark Invest’s CEO, expect spot bitcoin ETF approvals to have a significant positive effect on the price of bitcoin.
Hot Take: Schiff Dismisses Spot Bitcoin ETF, Predicts Limited Investor Demand
Economist Peter Schiff believes that the approval of spot bitcoin exchange-traded funds by the SEC will be insignificant. According to Schiff, there is no need for a bitcoin ETF since individuals can easily buy and store bitcoin themselves. He anticipates that investor demand will be minimal and speculators who bought in anticipation of the ETF approval will likely sell once it becomes a reality. While some experts predict that spot bitcoin ETFs will boost the price of bitcoin, Schiff remains skeptical and warns of a potential decline in speculation once the news is announced.
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