One gold investor, Peter Schiff, calls Bitcoin buyers idiots. But what is his reason for this opinion? In this Pooyan Music post, you will read about Peter Schiff’s opinion about Bitcoin buyers.
Gold fan Peter Schiff believes the recent rally is based on naive forecasts rather than real market confidence.
Schiff, a famous Bitcoin pessimist investor, once again criticized the biggest digital currency. This time, he is focusing on the possible introduction of a Bitcoin Exchange Traded Fund (ETF).
In his latest post on social media platform X, Schiff questioned the intelligence of potential Bitcoin ETF buyers. He believes the recent price increase is simply due to “expecting people are dumb enough to buy it.”
As reported by Cryptocurrency, the price of Bitcoin recently broke above $35,000 for the first time in 17 months. Other major cryptocurrencies, including Ethereum, BNB and XRP, also posted gains.
This market rally is closely related to speculations about the approval of a Bitcoin ETF by the United States. Galaxy Digital CEO Mike Novogratz recently expressed his confidence in the impending approval during a conversation on CNBC. With institutions like BlackRock moving forward with their ETF plans, the crypto giant believes it’s a matter of “when,” not “if.”
During his recent interview, SEC Commissioner Hester Pearce confirmed the apparent interest of large companies such as BlackRock in Bitcoin ETFs.
Over the years, Schiff, a staunch gold advocate, has often compared Bitcoin unfavorably to gold. He states that the first lacks intrinsic and practical value.
He has always expressed his concerns about the volatility of Bitcoin. And at the same time, it has questioned its role as a reliable store of value.
In addition, Schiff has repeatedly criticized the speculative nature of Bitcoin investing. He believes that many investors are driven by the hope of selling their holdings at higher prices rather than believing in the fundamental value of Bitcoin. His latest comments on the Bitcoin ETF align with this view.