Bitcoin ETF Disappoints as Peter Schiff Gloats
Following the underwhelming performance of the first spot Bitcoin exchange-traded fund (ETF) in the US, economist Peter Schiff, a vocal critic of Bitcoin, has taken the opportunity to gloat about his earlier warnings. Schiff had predicted that the price of Bitcoin would fall victim to the “buy the rumor, sell the news” sentiment after the SEC approved 11 spot Bitcoin ETFs. He argued that the newly approved ETFs were not creating additional demand but merely shifting it. Schiff also took a jab at Bitcoin supporters, stating that they would always claim it outperformed gold, even if its price dropped significantly.
Bitcoin: $0 or $10 million?
Reiterating his belief that Bitcoin will collapse and its value will drop to zero, Schiff responded to a question about the possibility of Bitcoin reaching $10 million by 2031 by suggesting that such a scenario would only be possible if the US dollar suffered hyperinflation like the German Papiermark did in the past. The Papiermark was rendered almost worthless due to hyperinflation following World War I. Meanwhile, Bitcoin’s price stood at $42,256 at press time, experiencing slight fluctuations but showing overall positive growth.
Hot Take: Peter Schiff Revels in Bitcoin ETF Failure
Peter Schiff’s recent gloating over the disappointing performance of the first spot Bitcoin ETF highlights his skepticism towards cryptocurrencies. Despite criticism from crypto enthusiasts, Schiff maintains his belief that Bitcoin’s value will eventually plummet to zero. He argues that the approval of spot Bitcoin ETFs only shifts demand rather than creating additional demand. While some investors may see potential in cryptocurrencies, Schiff remains steadfast in his belief that gold is a more reliable investment option. As he revels in Bitcoin’s setbacks, Schiff’s critique serves as a reminder of the ongoing debate surrounding the future of cryptocurrencies and their place in the global financial landscape.
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