Bitcoin breaks 17-month high amid anticipation of Bitcoin ETF approval, but economist Peter Schiff remains skeptical.
In the last 24 hours, Bitcoin broke a seventeen-month high to trade above $35,000. Data shows Bitcoin traders have exchanged over $52 billion worth of BTC since the past day. The Bitcoin rally may be attributed to the optimism surrounding the official endorsement of a Bitcoin exchange-traded (ETF) spot.
However, a renowned economist and Bitcoin critic doubted the genuineness of the Bitcoin surge, arguing Bitcoin ETF may not win widespread appeal as experts have projected.
“Nobody Will be Dumb to Buy Bitcoin ETF”
In his latest attack on BTC, Peter Schiff expressed skepticism about the Bitcoin ETF, wondering who would be rash enough to invest in it. Schiff contended that barely anyone would genuinely buy into the investment vehicle after it receives regulatory assent.
The critic based his sentiment on Bitcoin’s recent uptick. According to him, the price of Bitcoin has been artificially inflated by anticipation of ETF approval. In his words:
“I wonder who all the Bitcoin speculators think will be dumb enough to actually buy the Bitcoin ETF, especially after the price was pumped up so much purely on the anticipation of people being dumb enough to buy it.”
I wonder who all the #Bitcoin? speculators think will be dumb enough to actually buy the #BitcoinETF, especially after the price was pumped up so much purely on the anticipation of people being dumb enough to buy it.
— Peter Schiff (@PeterSchiff) October 24, 2023
Schiff has been renowned in the crypto community for his critical views about Bitcoin. He often addresses Bitcoin investors as “speculators.”
In his view, “speculators” are buying Bitcoin now because they believe other speculators will buy Bitcoin once a Bitcoin ETF is approved. However, according to the economist, more speculators are waiting to sell Bitcoin than there are speculators waiting to buy Bitcoin.
Similarly, Schiff has countered the sentiment that investment professionals would assist their clients in buying Bitcoin ETF. The economist believes such a scenario would never occur. According to him, “There’s just too much liability. Investment advisors won’t buy them, and stock brokers will only accept unsolicited buy orders.”
Because Schiff’s stance on Bitcoin has not changed for years, top figures in the crypto community have largely refrained from contesting his critical views. Crypto enthusiasts often make fun of him by sharing his past negative projections that turned out false.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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