As the price of Bitcoin (BTC) erased all 2024 gains a few hours after ETF trading began in the US, critics of the first cryptocurrency foresee tough times ahead for BTC bulls. Peter Schiff admits that some early Bitcoin ETF buyers might be regretting their decisions.
As the price of Bitcoin (BTC) erased all 2024 gains a few hours after ETF trading began in the US, critics of the first cryptocurrency foresee tough times ahead for BTC bulls. Peter Schiff admits that some early Bitcoin ETF buyers might be regretting their decisions.
Peter Schiff Teases Bitcoin (BTC) Investors: ‘Long Weekend for Bulls’
If the price of Bitcoin (BTC) continues to fall on Monday, Bitcoin ETF investors will not hold their assets, “gold bug” Peter Schiff shared on his X account today, January 13, 2023. As such, the end This week (when ETF trading is not available) will be long for Bitcoin (BTC) bulls.
Schiff noted that Bitcoin (BTC) fell from $49,000 to below $42,000 in less than a day. As such, the first cryptocurrency caused a double-digit drop for its holders immediately after the most anticipated BTC milestone of 2024.
Bitcoin (BTC) fell as the dust settled following the overpriced launch of 11 Bitcoin ETFs in the US. Additionally, as Guru-Investingpreviously reported, the migration of liquidity from Grayscale’s OTC trusts could have contributed to the drop. .
SkyBridge Capital founder Anthony Scaramucci called the GBTC stock sell-off a powerful trigger for Bitcoin (BTC)’s painful price drop to two-week lows.
At press time, the price of Bitcoin (BTC) has managed to start recovering from losses: BTC is changing hands for over $42,500 on major spot exchanges.
More Concerns Emerge Over Bitcoin ETF
While the paramount importance of the BTC ETF approval for the entire blockchain industry is indisputable, some of its effects on Bitcoin (BTC) as an asset and technology could be alarming in the medium term.
While some experts treat the ongoing process as an ordinary “selling the news” event, BitMEX founder Arthur Hayes warned that BTC could become an ordinary TradFi asset.
Ironically, Hayes’ words are echoed by SEC Chairman Gary Gensler, who views the Bitcoin ETF as contradictory to Satoshi Nakamoto’s vision for its creation.
