Coin Edition -
- Peter Schiff continues his anti-crypto comments, projecting a Bitcoin crash post-ETF approval.
- He foresees the eagerly awaited influx of institutional investor demand failing to materialize.
- A crypto enthusiast challenged Schiff to cite instances of bearish ETFs.
Prominent crypto critic and economist Peter Schiff, has begun the year again showing his unyielding contempt for Bitcoin amid anticipation of regulatory endorsement for a Bitcoin spot exchange-traded funds (ETF). This time, the long-term crypto critic expressed a view of a bleak future for the crypto market should a Bitcoin spot ETF surface.
Specifically, Schiff argued in a post on X that the outlook for a U.S.-listed ETF directly investing in Bitcoin had been the speculative factor driving Bitcoin’s price up for some time. Market data backs this view as Bitcoin started this year’s uptrend in October following a bogus report on the supposed approval of BlackRock’s pending ETF application.
Crypto market participants are highly optimistic that Bitcoin will reclaim a new high following an eventual approval for Bitcoin spot ETF. The sentiment is grounded in the fact that a spot ETF opens the door for traditional institutional investors to commit their funds to the crypto market.
However, Schiff expressed a negative sentiment towards the prevailing optimistic outlook. “Be careful what you wish for,” he remarked on X. He argued that where a Bitcoin ETF (TSX:EBIT) is approved, and the eagerly awaited influx of institutional and other new investor demand fails to materialize, the price of Bitcoin would tank.
Peter Schiff’s critical post was met with backlash from the X crypto community. Responding to him, Cardano founder Charles Hoskinson remarked that Peter Schiff began his Bitcoin-focused criticism early in the year.
Charles Hoskinson
Another X user commented, challenging Schiff to cite examples of ETF launches that became bearish on the underlying asset. The critic fired back, saying a Bitcoin spot ETF is pointless in the first place. “As you can buy and store Bitcoin yourself for free. What’s the point of owning it in an ETF anyway,” Schiff argued.
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