Peter Schiff, a prominent Bitcoin critic and gold proponent, has warned against the potential approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States.
Amid the mixture of excitement and doubt surrounding this possibility, Schiff cautioned BTC enthusiasts to be careful what they desire.
In a post on X, Schiff expressed his belief that spot Bitcoin ETFs could have a catastrophic impact on the price of BTC.
He explained that the promise of a spot Bitcoin ETF has been propping up the price and speculative demand for years.
However, if the institutional demand that is expected does not materialize, the approval of an ETF could result in a collapse of BTC’s price.
Schiff has been a vocal critic of Bitcoin for a long time and has consistently predicted its downfall with each market cycle, only to be proven wrong.
