Critic of cryptocurrencies Peter Schiff has forecasted that the creators of Bitcoin ETFs may face lawsuits from unhappy investors.
According to Schiff, these customers are likely to seek out methods to recoup their significant financial losses.
Additionally, the gold enthusiast holds the view that risk disclosures may not protect investors from potential lawsuits caused by conflicting statements between what is publicly disclosed and privately communicated through text.
According to U.Today’s report, Schiff had previously dismissed Bitcoin ETFs as risky gambling venues, expressing doubt about their longevity.
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Thus far, these products have achieved remarkable success. Recently, BlackRock’s IBIT joined the top 3% of US ETFs with assets exceeding $20 billion. Additionally, it set a record as the quickest ETF to amass $10 billion in assets under management. Notably, Bitcoin ETFs recorded an impressive trading volume of $111 billion last month.
The contrarian perspective
Following criticism from his audience about his excessive Bitcoin updates, Schiff justified his fixation by pointing out that it’s essential to provide a contrasting viewpoint on the social media platform filled with Bitcoin promoters.
Since 2011, Schiff has harbored strong dislike for the leading cryptocurrency, which was priced at just $31 back then.
Although Bitcoin has grown to be worth over $1.3 trillion, Schiff remains skeptical about the leading cryptocurrency.
According to U.Today’s report, he holds a pessimistic view regarding the upcoming halving event, which is set to occur in a few days.
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2024-04-09 23:37