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After the recent launch of the first spot Bitcoin exchange-traded fund (ETF) in the United States fell short of expectations, outspoken economist and Bitcoin critic Peter Schiff took the opportunity to reiterate his skeptical stance, claiming that the decline in Bitcoin's price was a result of the 'buy the rumor, sell the news' sentiment.
Schiff, who had warned about this possibility earlier, emphasized that the approval of 11 spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) didn't create additional demand but merely shifted it. He argued that investors were opting for the new ETFs instead of buying actual Bitcoin or Bitcoin-related equities.
In continuation of his bearish outlook, Schiff maintained his belief that Bitcoin would eventually collapse, and its value would drop to zero. He dismissed the significance of the recently approved spot Bitcoin exchange-traded funds, stating that rearranging the deck chairs won't prevent the ship from sinking.
Addressing Bitcoin's supporters, Schiff took a final jab by highlighting their ability to claim Bitcoin's outperformance over gold, regardless of how low its price falls. He suggested that even if Bitcoin were to drop to $100 in 2031 while gold rises to $10,000, proponents would argue that Bitcoin is up 100x in the past 20 years, compared to gold's 5x increase.
In response to a question about the possibility of Bitcoin reaching $10 million by 2031, Schiff tied the scenario to the potential collapse of the U.S. dollar, drawing parallels with the German Papiermark's hyperinflation after World War I.
Bitcoin's current market price stands at $42,256, reflecting a 1% daily decrease, a 3.26% weekly increase, and a 1.34% monthly gain as of January 29.
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