Topic: [2024-01-24] Peter Schiff Says All Spot Bitcoin ETFs Are Now in Bear Markets (Read 103 times)

Hehehe I reckon he worse. He has been talking about bitcoin and expressing only bearishness since before the bull market of the ICOs on 2017. I am not certain, however, he might have begun talking negatively about bitcoin when the price was under $1000 hheeheh. His gold would have profited more than 10x if he converted some of this to bitcoin.

I have to agree with that!   Neither are morons.  In Cramer's case, he makes snap judgments which are bound to be wrong sometimes.  In Schiff's case, I think you are exactly right about his love of commodities.

And I agree with Schiff, it is smart to have a small percentage of your assets in gold or something as the ultimate hedge.  I don't want to pay for homeowners insurance but I pay a small percentage every year to do it.  Gold, silver etc should be similar except you don't have to rebuy it every year.  The same goes for bitcoin except perhaps the percentage should be higher from a portfolio point of view.  From a currency point of view, it should be even a bit higher.

He is from the old school who believes in the assets he can touch... He doesn't really understand tech. Part of me relates to him because I too like these type of assets. (commodities and commodity stocks) I can understand his point of view but then he also doesn't invest in any tech stocks. (not the popular ones at least)  He hates the NASDAQ as much as he hates Bitcoin... If you listen to him, the NASDAQ is always overpriced even when the index falls 30% from its ATH. That's also what he always says for bitcoin.

If I could describe him in one sentence, it would be: He is a perma tech bear, perma commodity bull...

He is indeed not a moron and I don't think Cramer is a moron too. Cramer does it intentionally to attract views because people like to watch morons just to feel smart.

Peter is playing the ultra long term game which is a 1000 years old. "Invest in the commodities"

Tech is a short term game when you compare both. I mean who can guarantee that bitcoin will be around a hundred years later? But gold will be here.

Out of curiosity, how closely does Inverse Schiff follow Inverse Cramer?

The guy sounds like a deranged lunatic whenever he talks about Bitcoin, but I don't think he's stupid like Cramer.

Peter Shiff doesn't understand it is this volatility which makes crypto more fun than gold...

He shouts:

"Bear market runn!"


all I hear is:

"Opportunity! Buyy!!"

Exactly.  Bitcoin and gold can serve similar purposes in a portfolio, but bitcoin has many advantages over gold.  Similarly gold has a few advantages over bitcoin too, such as you can carry it in your pocket.  To be a fan of one does not mean you have to disparage the other.  Schiff needs to realize that.  Yes, he's been wrong about bitcoin for a decade and could've done very well with it, but he seems to be talking his booking hoping to be proven right eventually.  To me, that is just idiotic and does a disservice to those who listen to him.

It is kind of like people such as Harry Dent who are perpetual bears:  if you've been wrong for decades, you may have extracted a lot of money from subscribers to your newsletters, but (a) no one can reliably time the market (although HD is a nice contrarian indicator) and (b) you've destroyed the investment returns your subscribers could've had.

Both PS and HD need to look at things objectively not through the hope that eventually something will prove them right.

Peter Schiff Says All Spot Bitcoin ETFs Are Now in Bear Markets — Warns of Deeper Losses

Gold bug and economist Peter Schiff has warned of deeper losses for spot bitcoin exchange-traded funds (ETFs), emphasizing that they are “now in bear markets.” Referencing the Proshares Bitcoin Strategy ETF which is down more than 50% in over two years, Schiff predicted that those who bought the newly approved spot bitcoin ETFs “will experience even worse results.”

Peter Schiff’s Spot Bitcoin ETF Outlook

Gold bug and crypto skeptic Peter Schiff expects deeper losses for the newly launched spot bitcoin exchange-traded funds (ETFs). He shared his outlook in several posts on social media platform X this week.

The price of bitcoin rose above $47K in anticipation of the spot bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). However, BTC embarked on a downward trajectory following the approval, dropping below $40K on Monday and $39K on Tuesday. Schiff described on Monday:


He added, “The biggest loser is FBTC [Fidelity Wise Origin Bitcoin Fund], down 32%.” In a follow-up post, he wrote: “The Proshares Bitcoin Strategy ETF, which tracks bitcoin futures, launched in Oct. 2021. BITO began trading at $40.88. So far today’s low was $19, down more than 50% in over two years. I think those who bought any of the 11 spot bitcoin ETFs will experience even worse results.” At the time of writing, BITO is trading at $19.04, down nearly 52% since inception.

After the price of bitcoin dropped below $39K on Tuesday, Schiff detailed on X: “The new bitcoin ETFs aren’t creating additional demand, but merely shifting demand. Investors who might have bought actual bitcoin, bitcoin-related equities like MSTR [Microstrategy stock], or GBTC [Grayscale’s bitcoin trust] are simply buying the new ETFs instead. Rearranging the deck chairs won’t stop the ship from sinking.”

Schiff added: “One of the biggest losers from the new bitcoin ETFs is COIN [Coinbase stock]. Even though Coinbase custodies bitcoin held in these ETFs, speculators who once traded bitcoin through Coinbase are now trading the ETFs instead. Also, many who bought COIN as a bitcoin proxy are now buying the ETFs.” On Monday, JPMorgan also downgraded Coinbase stock from Neutral to Underweight, with a price target of $80. At the time of writing, COIN is trading at $124.19.

Earlier this month, the economist warned that spot bitcoin ETFs will bring speculator selloff and minimal institutional demand. He also expects the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to introduce onerous crypto regulations that would sink the price of bitcoin.

Source: https://news.bitcoin.com/peter-schiff-says-all-spot-bitcoin-etfs-are-now-in-bear-markets-warns-of-deeper-losses/

Peter Schiff is a known skeptic and he will continue to say bad things about Bitcoin, but who cares?