Peter Schiff, known for his anti-cryptocurrency statements, expressed his opinion in his latest statement on why the BTC price did not increase despite the approval of Bitcoin Spot ETFs and their purchase by traditional investors in the USA.
Schiff cited fund outflows from Grayscale's GBTC product and the sum of these outflows as being greater than the sum of inflows to ten other spot ETFs as the reason why the BTC price did not increase. The economist, who is known as a staunch gold supporter, announced that he expects a larger decline in the BTC price as the demand for Bitcoin Spot ETFs decreases.
According to Schiff, people thought before ETF approvals that these new products would see much more demand on the buy side. However, all of these buying demands were extinguished with the sales in GBTC.
In addition, Schiff claimed that he would soon impose tough regulations on the cryptocurrency market:
“Since Gary Gensler is backed into a corner on the approval of BitcoinETFs, I expect he will soon introduce onerous new crypto regulations that will significantly increase the cost of Bitcoin transactions, further weakening the “use” case and causing a sharp drop in price.”
*This is not investment advice.
