Following the SEC's approval of Bitcoin Spot ETFs, the cryptocurrency market is in euphoria. However, not everyone shares this sentiment. Peter Schiff, a well-known critic of Bitcoin, has expressed concerns about the launch of Bitcoin Spot ETFs.
Schiff believes that there are now eleven more ways for speculators to gamble on Bitcoin, in addition to all the methods that existed before. Questioning what is left for bulls to gamble on, Schiff claims that, unlike gold, Bitcoin is useless in the real world.
Schiff also criticizes the complexity, difficulty and expense of purchasing Bitcoin directly. He argues that the fact that new investors need third-party custodians to provide them with spot ETFs raises questions about the value of Bitcoin. Schiff is skeptical of Bitcoin's so-called groundbreaking innovation: the absence of third-party intermediaries or storage fees.
Finally, Schiff accused the mainstream media of going to great lengths to manipulate their audience into buying the newly approved spot Bitcoin ETFs.
*This is not investment advice.