©Reuters
Investing.com – Bitcoin (BTC) has failed to live up to the hype generated by the recent launch of the first bitcoin exchange-traded fund (ETF) in the United States. In this sense, the economist Peter Schiff commented on the evolution of the market.
“The bitcoin “experts” who ridiculed me, and everyone who claimed the new bitcoin ETFs would be a “buy the rumor, sell the news” event, now dismiss the significance of the drop, claiming it “It’s just a classic ‘buy the rumor, sell the news’ event to be expected,” Schiff said.
With this in mind, he emphasized his previous belief that bitcoin would eventually collapse and its value would fall to zero, saying that the recently approved spot bitcoin exchange-traded funds “do not create additional demand, but do not only shift demand.
“Investors who could have bought real bitcoin, bitcoin-related stocks like MSTR or GBTC, are simply buying the new ETFs instead. Rearranging the deck chairs won’t stop the ship from sinking,” argues Schiff
Finally, Mr. Schiff lashed out one last time at bitcoin supporters, declaring that “no matter how much the price of bitcoin falls, its supporters will always be able to claim that it has outperformed”, even if it falls “to 100 dollars in 2031 and gold goes back to 10,000 dollars, they will claim that bitcoin has gone up 100 times in the last 20 years, while gold has only gone up 5 times.”
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