Peter Schiff Expects Further Bitcoin Price Decline
Date: 2024-01-19 Author: Dima Zakharov Categories: BUSINESS
Peter Schiff, a well-known critic of the cryptocurrency market, has expressed his views on the ongoing challenges facing Bitcoin's price. According to Schiff, the reason why the introduction of new Bitcoin ETFs by investors has not led to price growth is due to the outflow from the Grayscale Bitcoin Trust (GBTC) and ongoing BTC sales, which currently outweigh the cumulative inflow into all ten other Bitcoin ETFs.
Schiff stated, "The reason purchases of new ETFs by investors do not drive price growth is that the outflow from GBTC and BTC sales currently exceeds the total inflow into all other ten Bitcoin ETFs."
He further added that the crypto industry is likely to face even more significant setbacks in the future, saying, "Once the initial demand for ETFs diminishes, I expect an even greater decline in prices."
It's worth noting that Bitcoin recently dropped to $41,000 due to a lack of interest in spot ETFs. Just two days after the launch, the trading volume of such funds amounted to $3.1 billion. The decline in the Bitcoin price has led to a general market downturn, with major altcoins falling by approximately 3.5%.
Peter Schiff has been anticipating the downfall of the first cryptocurrency for many years, often sharing his views on social media. Recently, he stated that the Bitcoin crash would be more impressive than its growth and criticized CNBC for allegedly biased coverage of Bitcoin investment topics.
