Institutional ETFs will not save BTC - Peter Schiff

IconCryptoNewsTerminal Staff11 Jun, 2024

cryptonews.jpg

Institutional ETFs will not save BTC - Peter Schiff

Gold advocate and Bitcoin skeptic Peter Schiff, CEO of Euro Pacific Capital, asserted on Twitter that institutional exchange-traded funds (ETFs) will not save Bitcoin (BTC). Schiff argued that institutional investors are only interested in Bitcoin's price appreciation potential and not its underlying technology or use cases. He believes that once the price of Bitcoin starts to decline, institutional investors will quickly sell their positions, leaving retail investors holding the bag. Schiff's comments come as the Securities and Exchange Commission (SEC) prepares to approve the first Bitcoin ETF. The SEC has been considering the approval of a Bitcoin ETF for several years, but concerns about market manipulation and volatility have prevented it from doing so. If the SEC does approve a Bitcoin ETF, it would be a major milestone for the cryptocurrency.

Related News