Economist and Gold Advocate Peter Schiff Criticizes Bitcoin ETFs and Predicts Price Collapse

Economist and gold advocate Peter Schiff continued to express his views on bitcoin on Tuesday. Arguing on the social media platform X that investing in bitcoin

Economist and gold advocate Peter Schiff has shared his thoughts on bitcoin exchange-traded funds (ETFs) and the cryptocurrency’s recent price movements. On Tuesday, Schiff argues that investing in bitcoin ETFs contradicts the cryptocurrency's core principles.

Peter Schiff Asserts Investing in Bitcoin ETFs Contradicts BTC's Core Principles, Claims Recent Buyers Only Care About Price Movements

Economist, gold advocate, and bitcoin skeptic Peter Schiff shared his thoughts on bitcoin ETFs and the cryptocurrency’s recent price movements. On Tuesday, Schiff argues that investing in bitcoin ETFs contradicts the cryptocurrency’s core principles.

“Owning bitcoin in ETFs defeats the entire purpose of owning it in the first place,” the economist wrote on the social media platform X, further adding:

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.

Following Schiff's post about bitcoin ETFs, the gold advocate elaborated on his views regarding the motivations of recent bitcoin buyers. “The main purpose of this post is to highlight that marginal buying is now coming from people who don’t actually value bitcoin for what it’s supposed to be,” Schiff wrote.

The economist continued to state that these buyers are only interested in cashing out with profits, and their behavior indicates an impending collapse. “These buyers only care about price. The goal is cashing out with profits. This shows the pyramid scheme will soon collapse,” Schiff explained.

Schiff frequently criticizes bitcoin and on Monday, he targeted a proposed bitcoin reserve bill by Senator Cynthia Lummis (R-WY). “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 opined.

On Sunday, he warned of mass ETF liquidations and a potential Crypto Black Monday. On Monday, he commented, “Today’s crypto crash wasn’t significant enough to shake ETF investors’ confidence. However, their resolve will be tested soon. Capitulation is needed to form a short-term bottom. Bitcoin falling below $38K should trigger this. At that price, all bitcoin ETFs will hit new lows.” He further clarified in a follow-up post: “$38K won’t be the short-term bottom; it will trigger mass liquidations. The actual short-term bottom will likely be below $20K.”

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