Gold bug and economist Peter Schiff on Wednesday said that he agrees with JP Morgan CEO Jamie Dimon that "Bitcoin BTC/USD has no value."
What Happened: In a post on X, Schiff said, ‘Jamie Dimon is correct that Bitcoin has no value."
He added that CNBC anchor Joe Squawk "is wrong that Bitcoin has all the characteristics that made gold valuable for thousands of years. Both are wrong about gold. Bitcoin has none of the gold’s unique properties that make it such a valuable and useful metal."
Dimon at a CNBC event in Switzerland pledged, “This is the last time" he will discuss Bitcoin, which he claims is associated with illegal activities.
However, he acknowledged blockchain’s validity and segmented cryptocurrencies into those with practical applications based on smart contract technology and others he branded as “the pet rock.”
Schiff also predicted a decline in Bitcoin’s price, attributing the lack of price movement from Bitcoin exchange-traded funds (ETF) introductions to a greater amount of Bitcoin being sold than the amount bought through these funds.
"The reason that investor buying of the new Bitcoin ETFs isn’t pushing up the price of Bitcoin is that the outflows from GBTC plus selling of BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop."
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Why It Matters: Earlier on Tuesday, Schiff voiced concerns about the Securities and Exchange Commission (SEC) approval of spot Bitcoin ETFs.
He tweeted his prediction that SEC Chairman Gary Gensler would impose stringent regulations. "Since Gary Gensler was backed into a corner on spot Bitcoin ETFs approval, I think he will soon introduce new onerous crypto regulations that will substantially increase the cost of Bitcoin transactions, further undermining its ‘use' case, resulting in a sharp decline in price.”
The SEC has indeed given its nod to several spot Bitcoin ETFs from prominent financial entities, such as Grayscale’s Bitcoin Trust. The move has included products from Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin.
Price Action: At the time of writing, Bitcoin was trading at $42,662 down 0.15% in the last 24 hours, according to Benzinga Pro.
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