Summary:
Peter Schiff argues that bitcoin ETFs undermine decentralization and peer-to-peer transactions.
Recent bitcoin buyers are motivated solely by profit, indicating a potential collapse.
Schiff criticizes Senator Cynthia Lummis’ proposed bitcoin reserve bill, predicting it will cause inflation.
He warns of mass ETF liquidations and a potential Crypto Black Monday.
Bitcoin falling below $38K could trigger mass liquidations, with a bottom likely below $20K.
Economist and gold advocate Peter Schiff argues that bitcoin exchange-traded funds (ETFs) contradict the core principles of the cryptocurrency by undermining decentralization and peer-to-peer transactions. He criticizes recent buyers of bitcoin for focusing solely on profit, suggesting this behavior indicates an impending collapse. Schiff also slammed Senator Cynthia Lummis’ bill proposing a U.S. bitcoin reserve, predicting it will cause inflation and speculates on future bitcoin price drops.
Peter Schiff Criticizes Bitcoin ETFs and Predicts Price Collapse
On social media platform X, Schiff stated:
Owning bitcoin in ETFs defeats the entire purpose of owning it in the first place. It’s no longer decentralized, it’s not peer-to-peer, it’s easily seized by authorities, can’t be used as a currency for payments, or transferred across borders. It’s not your keys, not your coins.
He further criticized the motivations of recent bitcoin buyers, emphasizing that they do not value bitcoin for what it represents but are only interested in cashing out with profits. This, he claims, shows that the pyramid scheme will soon collapse.
Schiff also targeted a proposed bitcoin reserve bill by Senator Lummis, stating:
The bill requires the U.S. government to create a ‘bitcoin reserve’ by purchasing 1 million bitcoin to hold for 20 years, mandating the Federal Reserve to print money to fund it. Therefore, the Senator’s plan is to generate inflation to buy bitcoin.
He warned of mass ETF liquidations and a potential Crypto Black Monday, mentioning that today’s crypto crash wasn’t significant enough to shake ETF investors’ confidence. However, he believes their resolve will be tested soon. He predicts that if bitcoin falls below $38K, it will trigger mass liquidations, with the actual short-term bottom likely below $20K.
What do you think about gold bug Peter Schiff’s views on bitcoin ETFs and his remarks about bitcoin? Let us know in the comments section below.
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