Peter Schiff, President of Euro Pacific Capital, has expressed skepticism about the ability of a Bitcoin ETF to elevate the cryptocurrency’s price to $100,000 or beyond.
If #BitcoinETFs are really going to send #Bitcoin to $100K or higher, why are all the Bitcoin related equities in bear markets? For example, $COIN is down 21%, $GLXY is down 26%, $MSTR down is 33%, $WGMI is down 41%, $MARA is down 55%, $BITF is down 56%, and $HIVE is down 61%.
— Peter Schiff (@PeterSchiff) April 15, 2024
He noted that all digital assets are currently in a bearish phase.
Schiff also highlighted the decline in shares of public crypto companies, including Coinbase (-21%), Galaxy Digital (-26%), MicroStrategy (-33%), Valkyrie Bitcoin Miners ETF (-41%), Marathon Digital (-55%), Bitfarms (-56%), and Hive (-61%). The businessman did not specify the period for these figures.
He questioned why the high demand for Bitcoin is not reflected in the securities of related firms.
The head of Euro Pacific Capital emphasized that buyers of Bitcoin ETFs are not long-term hodlers. In his view, these investors do not truly believe in the asset but are merely “testing the waters.”
Bitcoin pumper @novogratz believes #BitcoinETF buyers, who have never owned #Bitcoin before, are long-term #HODLers. These Johnny-come-lately buyers are not true believers, but traders testing the waters. If the temperature is not to their liking they will be the first to sell.
— Peter Schiff (@PeterSchiff) April 16, 2024
“If the temperature is not to their liking, they will be the first to sell,” he added.
The community criticized Schiff for his negative stance on Bitcoin and selective approach to facts.
I love how you selectively pick the time frames that suit you the best…
— corp_liberation (@corp_liberation) April 15, 2024
“I love how you selectively pick the time frames that suit you the best,” responded user corp_liberation.
Bitcoin advocates Dan Held and Willy Woo also reminded Schiff of how he missed the opportunity to buy the asset when it was trading around $1000.
You must be new around here, this is normal par for the course for an asset that should have made you a deca-billionaire when you were recommended it in 2011.
Oh wait. Somebody send some love to this man, 13 years of pain he has endured.
— Willy Woo (@woonomic) April 16, 2024
“You must be new around here, this is normal par for the course for an asset that should have made you a deca-billionaire when you were recommended it in 2011,” said Woo.
Previously, Schiff predicted that Bitcoin would face “the biggest crash in history,” and that MicroStrategy would go bankrupt. According to him, the main cause will be spot exchange-traded funds based on digital gold.
Back in July 2023, Schiff stated that he underestimated the “potential of the Bitcoin bubble,” which would still fall to zero.