Bitcoin critic and gold enthusiast Peter Schiff issued a statement on Twitter after the Bitcoin price again exceeded $ 30,000 two months later, after the giant institutional investor spot ETF applications, including BlackRock.
Known for his bearish views on Bitcoin and cryptocurrencies, Schiff tweeted:
“Speculators rush for Bitcoin, pushing its price above $30,000 because they believe that if another Bitcoin ETF or crypto exchange is established, more speculators will buy it. However, when either of these events is completed, all speculators will have already made purchases.”
Speculators are pilling into #Bitcoin, sending its price soaring above $30K, because they believe more speculators will buy if another Bitcoin ETF or #crypto exchange is created. But by the time either of these tasks are completed, all the speculators will have already bought.
— Peter Schiff (@PeterSchiff) June 21, 2023
Schiff's tweet came amid a wave of Bitcoin ETF applications from some of the world's largest asset managers and investment firms. BlackRock, the world's largest asset manager with over $9 trillion in assets under management, applied for a spot Bitcoin ETF on June 15, potentially becoming the first issuer to launch such a product in the US.
In addition, the announcement that a crypto money exchange called EDX Markets, supported by Citadel and Fidelity, would be established, caused an increase in the price of Bitcoin. Schiff referred to these two events in his tweet.
*Not investment advice.
