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.

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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.

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