Peter Schiff: Ether Spot ETF Demand to be Driven by Existing Bitcoin ETF Holders
CryptoNewsTerminal Staff21 May, 2024
Peter Schiff: Ether Spot ETF Demand to be Driven by Existing Bitcoin ETF Holders
Peter Schiff, CEO of Euro Pacific Capital and renowned gold advocate, recently shared his skepticism about the upcoming Ether spot exchange-traded fund (ETF) on X. According to Schiff, "most of the demand is going to come not from outside money, but from the existing bitcoin spot ETF." In other words, those who want to invest in Ether will likely already be involved in cryptocurrency and will simply convert their Bitcoin holdings to Ether. Schiff's analysis suggests that the introduction of an Ether spot ETF may not lead to a significant influx of new capital into the cryptocurrency market. Instead, the demand is expected to be driven primarily by the reallocation of existing crypto assets. This could imply a more limited impact on the broader cryptocurrency ecosystem compared to expectations of a surge in new investments.
