Topic: [2024-01-03] Peter Schiff Expects Spot Bitcoin ETFs to Bring Speculator Sell-Off (Read 149 times)

He's from an old generation that thinks that the kids after his generation are stupid bunch that doesn't value hard work to get what they want, in reality he's just liking the idea of having to exploit workers and criticize people that want to demand higher pay and better working conditions. His generation is also the one's that only wants to have something that's tangible and they don't like the risk that bitcoin entails plus they're pretty much scared of the unknown so he's sticking to what's the most basic.

That's retarded.

What is there to sell if nobody has even bought the ETF yet. Or if only a few ETF shares have been bought.

I'd disagree.  Like investing in securities, market timing is always a bad idea and while it may work in the short term for some people, long term most people lose.    And obviously price isn't in the code, I don't think anyone thinks that.  The code is what controls and regulates bitcoin.  None of that is arrogant, it is factual.  

I'll add that if the US decides to "ban bitcoin" there will be much bigger issues than the fiat price of bitcoin.  It will indicate a fascist, socialist, communist, totalitarian and/or authoritarian etc takeover of the country and the complete destruction of the US constitution.  The constitution was (since the Commerce Clause decisions time frame it is less so) a document of enumerated powers, not enumerated liberties.  That has been reversed in many respects over the last 100-130 years, but holds in some cases.  A complete ban would indicate that pretty much all constitutional protections are gone.  In which case owning bitcoin would be a good start to being able to flee to a freedom friendly jurisdiction.

Bitcoin's fiat price is high because more and more people see the utility of it.  There are many places and cases where you can actually use bitcoin not merely as a speculative asset.  Of course speculation is one use case, but protection of assets is another important one.  Others are inflation protection for places such as Argentina, censorship resistance (for places like the US where a billionaire can be shut out of payment processors),  bypassing controls (e.g. like one would see in Cyprus in 2013 or Venezuela or North Korea).  For many of those it is often best to control the private keys of course.

You should be a bit less arrogant about Bitcoin IMO, because if one day US authorities decide to ban Bitcoin, you will see that neither regulation, nor price are in its code actually. BTC price is high currently precisely because the incompetent people from the circus as you say are accepting to see Bitcoin ETFs traded at Wall Street. Money doesn't come from nowhere.

A trend precisely showing it's harder and harder to make profits by just "hodling".

Bitcoin's regulation is in the code.  The rest is just a circus to attempt to give statists control over more of bitcoin and consequently over people.   They aren't fans of freedom and are incompetent - as yesterday showed - yet view themselves as able to rule over everyone else.  It is disgusting.

he is not wrong about this. but because crypto needs a clear regulation still. and despite the approval that even Shciff is also expecting, crypto regulation is still too murky.
all i guess the market needs is just an ETF at least investors can see it's been approved by a branch of government. but the regulation like the official laws for it is still unclear.

and because the SEC announced a FOMO warning, then there is a chance of ET rejection still.  only Gary knows.

PS likes hard money like gold.  He hasn't (yet) gotten the fact that bitcoin is even harder than gold.  Eventually he may get it.  Or not.  That's fine, he is very set in his ways and has been right about some things in the past, and wrong about some things like most people.  His opinion on BTC has been meaningless except to the people who listened and didn't take advantage of the benefits of bitcoin in the past.

As far as the "cautious trader" - how about not trading, and just buying some and letting it ride?  Short term, the fiat price has certainly been volatile, long term the trend has been obvious. 

This is not something very surprising, many analysts think the same actually. If we look in the past, we can see that BTC price crashed right after the listing of CME and CBOE futures at the end of 2017. And it has been the same with the launch of Bakkt in September 2019, everyone expected a bullrun but BTC went down soon after. So don't expect a big pump if you are a cautious trader, it's very likely to dip instead unfortunately, because most ivestors buy the rumor and sell the news indeed.

https://www.cnbc.com/2018/05/07/launch-of-bitcoin-futures-dragged-down-prices-fed-paper-shows.html

Don't you know Peter Schiff? What he believes more in is gold. If he talks about gold, he talks good about it. Gold price in 2012 got to $1790. Gold highest price since then till now which was this year is $2064. Bitcoin keep appreciating in price and performed better than gold as these man is saying that bitcoin is worthless and its price will later fall to zero.

I have read two news recently that this man said spot bitcoin ETF approval in United States may first increase the price but later that bitcoin price will fall and that people will lose. It is not surprising to hear something like that from a bitcoin critic.

Peter Schiff is a bitcoin critic. He has been unable to analyze how bitcoin halving can lead to all-time-high which occured in the past, but he likes saying something bad about bitcoin in all his interviews. But what he has said about bitcoin in the past which was bad has all be opposite of what that later happened.

Peter Schiff Expects Spot Bitcoin ETFs to Bring Speculator Sell-Off, Minimal Institutional Demand

Economist and gold bug Peter Schiff expects the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) to be a nonevent. The crypto skeptic explained that there is “really no need for a bitcoin ETF, as you can buy and store bitcoin yourself for free.” He predicted: “There will be minimal investor demand and the speculators who bought on the news will likely sell on the fact.”

Schiff Throws Cold Water on Spot Bitcoin ETF

Peter Schiff, chief economist at Euro Pacific Asset Management and founder of Schiff Gold, expressed his view on the expected approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in a series of posts on social media platform X this week. The first deadline this year for the SEC to approve a spot bitcoin ETF is Jan. 10 for a joint proposal from Cathie Wood’s Ark Invest and 21shares.

“Be careful what you wish for,” Schiff wrote on X Tuesday. “The promise of a U.S.-listed spot bitcoin ETF has been supporting the bitcoin price and speculative demand for years. Once the ETFs are launched and the highly anticipated institutional and other new investor demand does not show up, look out below!” The gold bug added:


Following a 7% plunge in bitcoin’s price fueled by a rumor that the SEC will continue to reject spot bitcoin ETF applications this month, Schiff doubled down with another post on X Wednesday. “As I warned, it’s likely that the bitcoin ETF will not be a ‘buy the rumor, sell the news’ event, but a ‘buy the rumor, sell the rumor of the news’ event. Those who wait for the actual news to sell their bitcoin may discover that there are very few speculators left to buy!” he cautioned.

Schiff does not expect institutional investors to flock to spot bitcoin ETFs. Sharing his predictions on Dec. 20, the economist wrote:


Meanwhile, many people believe spot bitcoin ETF approvals by the SEC will boost the price of bitcoin. Vaneck’s director of digital assets strategy said people tend to underestimate the long-term impact of spot bitcoin ETFs. Ark Invest CEO Cathie Wood expects a significant boost in the price of BTC, and Galaxy Digital CEO Mike Novogratz believes the price will climb considerably. Moreover, venture capitalist Tim Draper has doubled down on his $250,000 prediction for bitcoin this year.

Source: https://news.bitcoin.com/peter-schiff-expects-spot-bitcoin-etfs-to-bring-speculator-sell-off-minimal-institutional-demand/