As a seasoned investor with a penchant for the volatile world of cryptocurrencies, I find myself often at odds with the perspectives of critics like Peter Schiff. While he may have a point about the potential for ETF buyers to exit the market during turbulent times, his generalization seems misplaced.
Peter Schiff, one of the most prolific cryptocurrency critics, has warned that Bitcoin ETF buyers will be the first to jump ship as soon as things go south.
In a recent social media post, Schiff argued that “ETF speculators” have low levels of conviction.
The financial analyst remarked, “They initially joined but plan to leave when things become excessively turbulent.”
In April, around three months after the release of these products, Schiff forecasted potential lawsuits from clients against Bitcoin ETF issuers, as a result of excessive financial losses they might incur.
According to U.Today’s latest report, Schiff has pointed out that Bitcoin is currently experiencing a downtrend relative to gold.
Diamond hands?
It seems unlikely that Schiff’s assertion, which suggests Bitcoin purchasers lack strong beliefs, accurately reflects the real world.
According to well-known ETF expert Eric Balchunas, investors in BlackRock’s IBIT remained unruffled during the latest market downturn. Interestingly, this top-performing ETF experienced no new investments.
“These ‘boomers’ are as solid and reliable as the Rock of Gibraltar, in contrast to some of these other folks, he joked. You’re truly fortunate to have them around.”
Currently, Bitcoin is being traded at approximately $56,298, having increased by 3.5% within just an hour. This surge follows its fall below the $50,000 mark due to a global stock market downturn that occurred earlier this week.
It’s important to mention that Bitcoin bounced back quickly following the June crash, primarily due to robust buying activity by ETF investors during market dips.
On Monday, ETFs recorded net outflows of $168 million, with ARKB and GBTC losing $69 million.
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2024-08-06 18:33