US financial commentator Peter Schiff thinks that spot Bitcoin ETFs will not have the expected impact on the market.
Schiff, a long-time Bitcoin critic, told followers awaiting approval of spot Bitcoin exchange-traded funds (ETFs), “Be careful what you wish for.” He warned. Schiff:
“The promise of a spot Bitcoin ETF listing in the US will add to the price of Bitcoin. and speculative demand has been providing support for years. Once ETFs are established and the much-anticipated demand from institutional and other investors is absent, keep an eye out!”
Spot Bitcoin ETFs institutional investors, pension funds Although it is expected to pave the way, CryptoQuant analysts say this is a “sell the news” He warned that there might be a case. However, Matrixport analysts say that spot ETFs In case it is not approved Even he expects the price of Bitcoin to rise within the year.
Schiff, in the past An example of which ETF produces bearish results He answered someone who asked him to give the following answer:
“There is no need for a Bitcoin ETF as you can buy and store Bitcoin on your own for free. What’s the point of keeping it in the ETF anyway? “You can also go and buy a gold ETF.”