Peter Schiff Says Owning Bitcoin In ETFs Is The Antithesis Of 'Not Your Keys, Not Your Coins' — Gets A Gold Jibe In Return From Noted Analyst
Portfolio Pulse from Aniket Verma
Peter Schiff criticizes owning Bitcoin in ETFs, arguing it contradicts Bitcoin's core values of decentralization and peer-to-peer transactions. Schiff's comments come amid a volatile period for Bitcoin, with significant outflows from U.S.-based Bitcoin ETFs, including Grayscale Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund.
August 07, 2024 | 3:27 am
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NEGATIVE IMPACT
Fidelity Wise Origin Bitcoin Fund experienced a capital exit of $64.48 million, reflecting investor unease amid Schiff's remarks and Bitcoin's price fluctuations.
The large capital exit from FBTC suggests that investors are wary, influenced by Schiff's negative comments and the current volatility in Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Grayscale Bitcoin Trust saw redemptions of $32.18 million amid criticism from Peter Schiff and a volatile period for Bitcoin.
The significant outflows from GBTC indicate investor concerns, likely exacerbated by Schiff's criticism and Bitcoin's recent price volatility.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80