The unexpected Bitcoin ETF prediction of Peter Schiff, whom we know as the gold bug, received reactions from the crypto community. Cardano inventor Charles Hoskinson also reacted to Schiff’s statements. Thus, Hoskinson also joined the heated debate started by the famous Bitcoin critic.
Gold bug continues its warnings about Bitcoin ETF!
The cryptocurrency community witnessed a humorous debate between two important figures. They are: Charles Hoskinson, co-founder of Cardano, and Peter Schiff, a well-known gold investor and Bitcoin skeptic. Schiff had some comments regarding the potential impact of a spot Bitcoin ETF product listed in the US. This drew both criticism and ridicule, especially from Hoskinson and the crypto community. Gold bug Peter Schiff warns against hype surrounding anticipated Bitcoin ETFs. He argues that these ETFs, long supported by speculative demand and the hope of attracting institutional investors, may not provide the expected wave of new investment.
According to Schiff, the actual launch of these ETFs will not result in the much-anticipated investor demand. This will lead to a disappointing outcome for Bitcoin’s price. Additionally, Schiff questions the usefulness of Bitcoin ETF products. Thus, it indicates that individuals can directly purchase and hold Bitcoin without incurring ETF-related costs. In this vein, he draws a parallel with owning gold ETFs. Meanwhile, Schiff did not ignore Bitcoin’s latest decline. In this context, he shared the following:
As I warned, the Bitcoin ETF will probably be a “buy the rumor, sell the rumor” event, not a “buy the rumor, sell the news” event. Those who are really waiting for news to sell their Bitcoins may discover that there are very few speculators left to buy!
Cardano inventor gave a humorous response to Schiff’s statement
In contrast, Hoskinson, known for his witty and often direct social media presence, took issue with Schiff’s early start this year to express his skepticism of Bitcoin. cryptokoin.comAs you follow from , Schiff’s criticisms of Bitcoin have been ongoing for a long time. Error this issue has become a recurring theme in the market. This reflects a broader sentiment within the crypto community.
When Peter Schiff’s thesis is examined critically, several points emerge that need to be considered. First, Schiff’s skepticism regarding demand for Bitcoin ETF products potentially ignores market dynamics. Institutional investors often look to regulated, traditional investment vehicles such as ETFs to gain exposure to new asset classes, including cryptocurrencies. A Bitcoin ETF could provide a more accessible and familiar entry point for these investors.
Moreover, Schiff’s comparison between Bitcoin and gold ETFs is also a bit problematic. Because it oversimplifies each asset’s unique value proposition. Bitcoin’s digital structure and decentralized infrastructure present different benefits and risks compared to gold. Owning Bitcoin directly, as Schiff suggests, does not eliminate security risks. Moreover, it does not spare investors from difficulties such as technical complexities.
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