Peter Schiff Warns Bitcoin Speculators Of Upcoming Risks Amidst ETF Buzz: More 'Waiting To Sell Than Waiting To Buy!'

Influential investor Peter Schiff cautions Bitcoin BTC/USD speculators about potential pitfalls ahead, especially in light of the recent enthusiasm around a possible Bitcoin ETF approval.

What Happened: On Monday, Schiff took to Twitter to express his concerns about the recent surge in Bitcoin speculations, primarily driven by the anticipated approval of a Bitcoin ETF. He cautioned traders that the current buying frenzy might soon be overshadowed by a wave of selling. Schiff believes that the number of speculators ready to sell far outnumbers those waiting to buy.

See Also: Crypto Analyst Predicts Dogecoin Smashing All-Time Highs, Will Soar Over 27,000% And Reach $16

This warning comes amidst a bullish run for Bitcoin, which recently topped $33,000 at the time of publishing.

The digital asset saw a trading volume increase of 36% to $17.6 billion within 24 hours and an expansion of 2.5% in its market capitalization, as reported by Benzinga earlier.

Why It Matters: The potential approval of a spot Bitcoin ETF has sparked significant investor interest. Digital Asset Fund Flows marked the fourth consecutive week of inflows at $66 million in digital assets investment products, according to Benzinga.

However, Schiff has previously dismissed the notion that a spot Bitcoin ETF would drive adoption. He believes that it merely facilitates speculative betting on price movements, and does not constitute a legitimate use case for the cryptocurrency. He reiterated this view in his recent tweet, warning speculators of the risks involved.

Photo by AlyoshinE on Shutterstock

Read Next: Bitcoin, Dogecoin, Ethereum Funding Hamas Terror? $41M Of Crypto Seized So Far Could Just Be Drop In Buck


Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsMedia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!