Noted economist Peter Schiff, in a recent post on X, expressed skepticism over Bitcoin’s BTC/USD real-world utility, likening it to a gamble. His tweet came amidst the approval of Bitcoin Spot ETFs by the Securities and Exchange Commission.
What Happened: On Wednesday, Schiff, took to the platform formerly known as Twitter, to share his thoughts on the growing Bitcoin speculation. “In addition to all the previously existing ways to gamble on #Bitcoin, there are now eleven more ways for speculators to place their bets. The problem for the bulls is now what’s left to bet on? It’s just too bad that Bitcoin itself has no actual real world utility, like #gold.”, he tweeted.
Schiff warned that the “jury is still out as to how much wealth will be lost, and who will lose it. But those who bought Bitcoin early and got out, certainly took a lot of wealth away from those who got in later.”
Earlier, Schiff had cautioned that the much-anticipated Bitcoin ETF approval rally may not live up to the speculators' expectations. “Those who wait for the actual news to sell their Bitcoin may discover that there are very few speculators left to buy!”, warned Schiff.
On Bitcoin’s utility, Schiff acknowledged that the cryptocurrency could be sent “through the internet” but “it’s not a store of value.” It should be noted that Schiff is a notable proponent of gold.
Why It Matters: Schiff’s reference to 11 more ways to speculate points towards SEC greenlighting Spot ETFs from the Grayscale Bitcoin Trust, the Bitwise Bitcoin ETF, the Hashdex Bitcoin ETF, the iShares Bitcoin Trust, the Valkyrie Bitcoin Fund, the ARK 21Shares Bitcoin ETF, the Invesco Galaxy Bitcoin ETF, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Fund, the Fidelity Wise Origin Bitcoin Fund , and the Franklin Bitcoin ETF.
Bitcoin was seen trading 1.9% higher at $46,625.76 at the time of publishing. The apex cryptocurrency touched an intraday high of $47,647.22 on Wednesday. The 24-hour trading volume of Bitcoin touched $52.22 billion, a rise of 28.95%.
Benzinga reports that the SEC approved applications of eleven Bitcoin ETFs, paving the way for more ways to speculate on Bitcoin.
However, Schiff remains skeptical. He previously warned that the Bitcoin ETF approval might not follow the typical "buy the rumor, sell the news" strategy. Instead, he suggested, "It's a ‘buy the rumor, sell the rumor of the news' event." Benzinga reported.
Photo Courtesy: Wikimedia Commons
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