Peter Schiff Says Spot Bitcoin Approval Means 'Eleven More Ways For Speculators To Place Their Bets'
Portfolio Pulse from Benzinga Neuro
Economist Peter Schiff expressed skepticism about Bitcoin's utility following the SEC's approval of Bitcoin Spot ETFs. Schiff tweeted that there are now eleven more ways to speculate on Bitcoin, but questioned what's left to bet on given Bitcoin's lack of real-world utility compared to gold. He warned that wealth could be lost by late investors and suggested that the Bitcoin ETF approval might not lead to the expected rally. Bitcoin was trading higher at the time of the report. The SEC approved eleven Bitcoin ETFs, including those from Grayscale, Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin.
January 11, 2024 | 1:11 am
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POSITIVE IMPACT
Bitwise Bitcoin ETF may experience heightened interest and potential short-term price fluctuations following the SEC's approval of Bitcoin Spot ETFs.
The SEC's approval is a significant event that could lead to increased speculation and investment in Bitwise Bitcoin ETF, possibly driving up its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Grayscale Bitcoin Trust may see increased trading activity and potential volatility following the SEC's approval of Bitcoin Spot ETFs, as mentioned by Peter Schiff.
The approval of Bitcoin Spot ETFs is likely to increase interest and trading volume in related assets like GBTC, potentially leading to short-term price increases due to heightened speculation.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Bitcoin's price may be influenced by Peter Schiff's comments and the SEC's approval of Bitcoin Spot ETFs, potentially affecting investor sentiment.
While Schiff's comments may introduce some skepticism, the approval of Bitcoin Spot ETFs is generally seen as positive. The net impact on Bitcoin's price is uncertain, hence a neutral score.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70