Famous Economist: The demand for Bitcoin ETFs is overvalued, followed by a sell-off
Peter Schiff, a senior Wall Street investor and renowned economist, expressed doubts about the demand expectations for the new Bitcoin ETF. He believes that the number of speculators preparing to sell Bitcoin far exceeds the potential buyers waiting for the launch of this ETF
Peter Schiff, a senior Wall Street investor and renowned economist, expressed doubts about the demand expectations for the new Bitcoin ETF. He believes that the number of speculators preparing to sell Bitcoin far exceeds the potential buyers waiting for the launch of this ETF.
Schiff posted on social media platform X, saying, "Bitcoin speculators have overestimated the demand for new Bitcoin ETFs. It's hard to believe that with so many existing ways of accessing Bitcoin, there will still be a large group of potential buyers waiting to buy. Bitcoin holders have been waiting to sell
Earlier this week, when Bitcoin prices reached around $34250, Schiff pointed out that speculators were betting on the US Securities and Exchange Commission (SEC) approving the conversion of grayscale Bitcoin trusts (GBTC) into ETFs.
He warned that such a conversion could mark the peak of Bitcoin's rebound, followed by a sell-off. Schiff's recent tweets seem to echo these concerns.
This article originates from the financial industry
Tag: Famous Economist The demand for Bitcoin ETFs is overvalued
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