Peter Schiff Skeptical as Bitcoin ETF Fails to Impress

Economist and vocal Bitcoin critic Peter Schiff reiterates his skepticism as the recent launch of the first spot Bitcoin exchange-traded fund (ETF) in the United States falls short of expectations. Schiff takes a 'I told you so' stance, emphasizing his earlier warnings about the potential downsides of the ETF launch.

Buy the Rumor, Sell the News

Schiff points out that his predictions about the "buy the rumor, sell the news" sentiment surrounding the Bitcoin ETFs have proven accurate. He notes the dismissive response from Bitcoin enthusiasts, attributing the decline to a typical market event that was to be expected.

Bitcoin Value: $0 or $10 Million?

Reiterating his long-standing belief that Bitcoin's value will ultimately collapse to zero, Schiff argues that the approved spot Bitcoin ETFs are not generating new demand but merely shifting existing demand. He states, "Rearranging the deck chairs won’t stop the ship from sinking."

In a final jab at Bitcoin supporters, Schiff highlights their resilience, suggesting that regardless of how low Bitcoin's price falls, proponents will claim it outperformed gold. He sarcastically remarks that even if Bitcoin drops to $100 in 2031 while gold rises to $10,000, supporters will still argue Bitcoin's superior performance.

Bitcoin at $10 Million: A Dystopian Scenario

When asked about the possibility of Bitcoin reaching $10 million by 2031, Schiff responds with a dystopian perspective. He suggests that such an extreme scenario would only be possible if the U.S. dollar experiences hyperinflation, drawing a parallel to the fate of the German Papiermark during the early 1920s.

Bitcoin's Current Status

As of the latest data, Bitcoin is trading at $42,256, showing a 1% decline on the day. However, it has seen a 3.26% increase over the previous week and a 1.34% gain on the monthly chart. Schiff's skepticism continues amid Bitcoin's market fluctuations.