Economist Peter Schiff, known as a big Bitcoin and cryptocurrency critic and gold enthusiast, talked about BTC and the expected Spot ETFs in his new post.
Schiff acknowledged in his statement that the SEC may approve the listing of many Bitcoin Spot ETFs tomorrow. However, Schiff again remained hostile to BTC, describing the asset as a “failed digital currency.” According to the economist, all of Bitcoin's success so far has been nothing more than speculation.
Peter Schiff had previously argued that Spot ETF products would not be approved.
Schiff claimed that the benefit of BTC Spot ETFs is that “a new group of gamblers will enter the casino.”
The famous economist had his own bank in Puerto Rico, but the regional government closed the bank on the grounds that it was an intermediary for money laundering and tax evasion. Schiff maintains that his bank has committed no wrongdoing.
Bitcoin Spot ETFs will be approved tomorrow and will start trading on Thursday, according to many experts. However, of course, there is the possibility that the SEC may reject or postpone these applications.
*This is not investment advice.